Bankruptcy Judge Allows Genesis To Liquidate $1.3B Worth of GBTC Stock

A New York chapter choose has granted Genesis International Holdco permission to liquidate roughly $1.3 billion value of Grayscale Bitcoin Belief (GBTC) shares to compensate buyers.

A New York chapter choose has granted Genesis International Holdco permission to liquidate roughly $1.3 billion value of Grayscale Bitcoin Belief (GBTC) shares to compensate buyers. This determination, made throughout a digital listening to on Feb. 14, marks a major improvement within the ongoing saga surrounding Genesis’ chapter proceedings.

Courtroom filings point out that Genesis beforehand held roughly $1.6 billion value of shares in GBTC, Grayscale Ethereum Belief (ETHE), and Grayscale Ethereum Basic Belief (ETCG). Notably, Grayscale itself raised restricted objections to the GBTC sale, emphasizing written approval necessities however confirming no intention to hinder the method.

This determination comes amidst heightened scrutiny of Grayscale merchandise like GBTC, which maintain underlying crypto belongings however aren’t immediately redeemable. In January, the SEC authorised the conversion of GBTC to a spot Bitcoin ETF, probably enabling future money redemptions. Nonetheless, this stays topic to regulatory hurdles.

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