Cryptocurrencies
Genesis Cleared to Sell GBTC Shares Worth $1.3 Billion
- Genesis will hire a broker to sell the shares over time
- Lender has more than 35 million Grayscale Bitcoin Trust shares
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Genesis Global Holdco LLC won bankruptcy court permission to sell roughly 35 million Grayscale Bitcoin Trust shares worth more than $1.3 billion as the bankrupt crypto lender readies plans to compensate clients who lent it digital assets.
Judge Sean Lane said Wednesday he’d grant Genesis’ request to sell the shares, a process the crypto lender said would be conducted over time with the help of a broker. Genesis also intends to sell more than 11 million shares in two Grayscale Ethereum Trusts worth more than $200 million, according to a Feb. 2 court filing.