The bankrupt exchange wants to return funds to creditors in dollars without denting value.
Bankrupt FTX wants to start staking, and to hedge BTC and ETH sales as it liquidates a $3 billion crypto holding.
“Hedging bitcoin and ether will allow the Debtors [FTX] to limit potential downside risk prior to the sale of such bitcoin or ether,” the filing by FTX lawyers said. “Staking certain digital assets… will inure to the benefit of the estates — and, ultimately, creditors — by generating low risk returns on their otherwise idle digital assets.
FTX is hoping interest on its crypto pile will add to the stock it can distribute to customers who are still waiting for their money back. The company, now run by restructuring expert John J. Ray III, worries that selling all in one go would cause the price to plummet, to the benefit of short sellers and other market participants. It’s turning to market experts to figure out how best to avoid that, for example via weekly sales limits.
“Galaxy Asset Management has extensive experience in areas relevant to digital asset management and trading, including with respect to the types of transactions and investment objectives contemplated,” the document said, referring to the Security and Exchange Commission-approved investment advisor that forms part of Mike Novogratz’s crypto conglomerate.
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