GBTC - Bankrupt Genesis Gets Green Light To Liquidate $1.38 Billion In Grayscale Trust Shares | Benzinga
A U.S. bankruptcy court on Wednesday granted bankrupt crypto lending firm Genesis Global the go-ahead to offload approximately $1.6 billion worth of Grayscale cryptocurrency trust shares, aiming to settle debts with its creditors.
Reuters reports that the approval came from Bankruptcy Judge Sean Lane during a session in White Plains, New York, enabling Genesis to liquidate its holdings in Grayscale Bitcoin Trust (OTC: GBTC), Grayscale Ethereum (CRYPTO: ETH) Trust, and Grayscale Ethereum Classic Trust, Reuters reported.
The company possesses around 35 million shares in the Bitcoin (CRYPTO: BTC) trust, valued at roughly $1.38 billion, alongside Ethereum trust shares estimated at $207 million, as per the documents filed in court.
Genesis explained to Judge Lane that the sale of these shares is crucial for reimbursing its clients and circumventing a monthly fee of $1.9 million tied to its trust ...