FTX’s Estate Sold Majority of Its Grayscale Bitcoin Trust Shares

The estate of bankrupt crypto exchange FTX has sold the majority of its shares in the Grayscale Bitcoin Trust exchange-traded fund in its first three days of trading, according to two people familiar with the matter.

The brokerage Marex Capital Markets has sold more than two-thirds of the 22.28 million shares FTX held, according to one of the people, who asked not to be named because the matter hasn’t been made public. GBTC shares have traded at an average price of around $38.19 since its debut as an ETF, so the sale likely fetched more than $600 million.

Grayscale declined ...