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Genesis Seeks Bankruptcy Court Approval to Sell GBTC

Genesis

Bankrupt crypto lender Genesis Global Capital has filed a new motion with the U.S. Bankruptcy Court for the Southern District of New York seeking permission to sell approximately $1.6 billion in trust assets.

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According to the filing, the assets, which are owned by Genesis, a subsidiary of Digital Currency Group, include approximately $1.4 billion worth of Grayscale Bitcoin Trust shares, approximately $165 million worth of Grayscale Ethereum Trust shares, and approximately $38 million worth of Grayscale Ethereum Classic Trust shares.

The company also requested that the deadlines for consideration of the sale motion be shortened so that it can be heard at the bankruptcy court’s next hearing scheduled for Thursday, February 8.

The GBTC shares in question constitute the initial collateral that Genesis transferred to Gemini as part of its Gemini Earn program and some shares acquired through the bankruptcy of Three Arrows Capital.

The company is also seeking to legally claim an additional 31,180,804 shares (worth approximately $1.2 billion) that were pledged to Gemini but never transferred; the ownership of the shares is currently a matter before the court.

In a statement on its website, Gemini called the motion “an important step forward following the approval of Grayscale Bitcoin Trust (GBTC) as an exchange-traded product (ETP) on January 10.”

Earlier this week, Genesis agreed to pay a $21 million fine to the SEC from its post-bankruptcy funds to settle the agency’s lawsuit against the company for operating the Gemini Earn program.


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