Coinspeaker
Bankrupt Crypto Lender Genesis Global Seeks Approval to Sell $1.6B of Trust Assets
In the good faith of winding down the bankruptcy proceedings, Digital Currency Group-backed Genesis Global Capital LLC has filed a motion requesting an entry of an order that authorizes the sale of the estate shares at Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Classic Trust (ETCG) worth approximately $1.6 billion. According to the court filing directed to the United States bankruptcy court of the Southern District of New York on February 2, the debtors including Genesis Asia Pacific held 35,939, 233 GBTC shares worth approximately $1.38 billion.
Additionally, the debtors held 8,717,520 ETHE shares worth about $169.9 million and 2,970,892 ETCG shares valued at around $38 million. According to a court filing, the debtors have requested the authority to sell and liquidate the trust assets in a bid to reduce associated volatility risks. Nevertheless,
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