U.S. Court Allows Genesis to Liquidate $1.3B Worth of GBTC Shares

U.S. Court Allows Genesis to Liquidate $1.3B Worth of GBTC Shares

Reported by Cointelegraph, a bankruptcy judge will allow Genesis Global Holdco to liquidate roughly $1.3 billion worth of Grayscale Bitcoin Trust (GBTC) shares as part of efforts to reimburse investors.

In a Feb. 14 hearing for United States District Court for the Southern District of New York conducted via Zoom, Judge Sean Lane signed off on an order allowing Genesis to sell off part of its investments from Grayscale. February court filings suggested that Genesis held roughly $1.6 billion worth of shares of GBTC, Grayscale Ethereum Trust (ETHE) and Grayscale Ethereum Classic Trust (ETCG).

Genesis said it held roughly 35 million GBTC shares and 11 million ETHE and ETCG shares as part of its bankruptcy filings. Grayscale filed a limited objection to the plan for the firm to liquidate the trust assets on Feb. 9, claiming the sales were “subject to written approval” by the investment firm but did not intend to “delay, impede, or obstruct the Debtors’ sale or transfer of Trust Assets.”

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