On Wednesday, Judge John Dorsey in the US Bankruptcy Court for the District of Delaware approved a motion filed by FTX, allowing the exchange to sell, stake, and hedge its crypto holdings to pay back its creditors.
According to filings disclosed earlier this week, FTX held a diverse portfolio of crypto assets valued at $3.4 billion, including $1.16 billion in $SOL, $560 million in $BTC, $192 million in $ETH, and $119 million in $XRP. If FTX were going to sell the assets, it would need to notify the U.S. Trustee's office 10 days in advance.
FTX filed the motion with the court in August. The exchange wants to hedge Bitcoin and Ether to limit potential downside risk prior to the sale of the assets.
Related: FTX Disclosed $7B Asset Details, and Venture Investments, Properties, and Securities
To learn more about FTX's reorganization, please read: FTX 2.0
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