(Reuters) – FTX has sold 22 million shares worth close to $1 billion in Grayscale Bitcoin Trust (GBTC) since it was converted into an exchange-traded fund (ETF) earlier this month, taking FTX’s GBTC ownership down to zero, CoinDesk reported on Monday.
GBTC in all saw outflows of more than $2 billion since being converted into ETF, according to the report, which cited private data reviewed by CoinDesk and two people familiar with the matter.
“Large capital markets ETFs are used in a variety of investing strategies, and we anticipate GBTC’s diverse shareholder base will continue to deploy strategies that impact inflows and outflows,” a Grayscale spokesperson said in an emailed statement to Reuters.
Grayscale was approved to convert its existing bitcoin trust into an ETF, creating the world’s largest bitcoin ETF with more than $28.6 billion in assets under management.
The U.S. Securities and Exchange Commission has approved 11 spot bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust, Grayscale Bitcoin Trust and ARK 21Shares Bitcoin ETF, after a decade-long tussle with the digital asset industry.
The approval marked a watershed moment boosting the legitimacy of the cryptocurrency industry and pushing bitcoin further into the mainstream.
(Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shilpi Majumdar)