The post Genesis Cleared by Court to Sell GBTC Shares Worth $1.3 Billion appeared first on Coinpedia Fintech News
According to Bloomberg, Genesis Global Holdco LLC, a Digital Currency Group (DCG) subsidiary, has received authorization from a bankruptcy court to liquidate approximately 35 million shares in Grayscale’s GBTC fund, amounting to a staggering value of over $1.3 billion. This significant move follows a ruling by Judge Sean Lane, who granted Genesis the flexibility to convert its GBTC shares into either bitcoin or cash.
Genesis to Make a Billion-Dollar Crypto Move?
Yesterday, a U.S. court permitted Genesis to sell 1.3 billion dollars’ worth of GBTC (the Grayscale Bitcoin ETF) shares, but the market doesn’t care much. With 500+ million new inflows every day, that makes sense. The new supply will probably be absorbed. Moreover, Genesis intends to divest more than 11 million shares in two Grayscale Ethereum Trusts, valued at over $200 million.
Despite objections from DC
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