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In a court hearing, Judge John Dorsey said that he approved the motion and overruled two objections that were made opposing the plan. This allows the bankrupt exchange to sell, stake and hedge its crypto holdings, which it said are worth over $3.4b.
FTX submitted a filing requesting permission to engage in these activities in August, arguing that hedging its crypto assets would “allow the Debtors [FTX] to limit potential downside risk prior to the sale of such bitcoin or ether,” while “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,” according to the filing by FTX’s lawyers.
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