Category: News, NFT News

U.S. Court Approves Genesis Plan To Sell $1.6B In GBTC Shares

By Published On: February 19, 20241.9 min readViews: 2490 Comments on U.S. Court Approves Genesis Plan To Sell $1.6B In GBTC Shares

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The ruling follows Genesis settling with the SEC and NYAG earlier this month.

The saga resulting from the high-profile CeFi failures of the 2022 bear market continues to unfold, with a court ruling paving the way for Gemini Earn users to soon access their frozen assets.

On Feb. 17, Gemini, the cryptocurrency exchange founded by the Winklevoss twins, tweeted that U.S. judge Sean Lane had approved a Motion Authorizing Sale of Trust Assets for Genesis, its debtor, as part of the insolvent crypto broker’s bankruptcy proceedings three days prior.

Per the plan, Gemini may now begin offloading the collateral assets held on behalf of its Earn users, comprising more than 30.9M Grayscale Bitcoin Trust shares worth $1.62B. The company may also monetize its shares in Grayscale’s Ethereum and Ethereum Classic trusts.

“This is an important step that will facilitate in-kind distributions to Earn users (i.e., the return to Earn users of the specific digital assets they loaned rather than an equivalent value in dollars or an alternative cryptocurrency),” Gemini said.