🔥FTX received approval from a New York bankruptcy court to sell approximately $873 million in shares of Grayscale Bitcoin Trust (GBTC) and Bitwise Crypto Index Fund. As the price of Bitcoin has risen, the price of this asset has also risen.

FTX's trust assets include shares in various Grayscale funds, including the Grayscale Bitcoin Trust (GBTC) and the Bitwise crypto index fund, which were worth a total of $744 million as of Oct. 25, according to court documents filed on Nov. 3.

However, FTX's trust holdings could now be worth much more, at around $873 million, as GBTC's discount to its net asset value has narrowed along with bitcoin's rally, based on shareholdings reported in court filings and Wednesday's closing market price per TradingView data. The approximately 17% appreciation since October 25 can be explained by the rise in cryptocurrency prices over the past month.

The crypto exchange, once led by Sam Bankman-Fried, was one of the world's largest trading platforms before collapsing in November last year following a CoinDesk report that revealed the balance sheet of FTX's sister trading firm, Alameda Research, was shaky.

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