FTX gets green light to sell $3.4B in bitcoin, ethereum, solana (Cryptocurrency:FTT-USD)

Collapsed cryptocurrency exchange FTX (FTT-USD) has been approved by Judge John Dorsey to sell, stake and hedge its crypto holdings, which were worth $3.4B at the end of August, according to a court hearing on Wednesday.

FTX’s (FTT-USD) plan for offloading its crypto stash, mostly comprised of bitcoin (BTC-USD), ethereum (ETH-USD) and solana (SOL-USD), calls for Mike Novogratz’s Galaxy Digital Holdings (OTCPK:BRPHF) to help with the process, court filings from August had said.

As part of the plan, the exchange, which filed for bankruptcy protection late last year on the heels of alleged criminal missteps, will cap its selling at $100M worth of tokens each week.

The move is expected to help pay back creditors. Some $7B in liquid assets so far have been recovered.