Genesis Global has been granted permission by a bankruptcy court to redeem and sell Grayscale Bitcoin Trust (GBTC) shares, marking a significant development in the cryptocurrency sector. The court's decision allows Genesis Global to start redeeming approximately 35 million GBTC shares, valued at over $1.3 billion, at 22:05 UTC+8 on February 14. This move is part of Genesis Global's efforts to manage its assets amidst bankruptcy proceedings. The shares will be converted into Bitcoin or cash, worth approximately US$15 million, with the assistance of a broker, to gradually mitigate potential sell pressure on the market. Additionally, Grayscale transferred 294.6 BTC to Coinbase Prime Deposit and moved 2,582 BTC to a new address, suspected to be a new custody address for Grayscale.
ICYMI: Court rules Genesis can sell over $1.3 billion worth of GBTC shares: Bloomberg https://t.co/p3S342jSb9
Genesis Global Holdco LLC received permission from the bankruptcy court to begin redeeming approximately 35 million Grayscale Bitcoin Trust shares worth more than $1.3 billion, converting GBTC shares into Bitcoin or cash to compensate for the loans lent to it Digital asset…
Bankrupt crypto lender Genesis Global won court approval to sell Grayscale shares valued at $1.6 billion https://t.co/yOE4RmAgW4
Genesis gets court approval to sell $1.6 bln in crypto trust shares https://t.co/av3o7CmjP1 https://t.co/DZGDv2lNKB
JUST IN: Genesis gets court approval to sell $1.6 billion in #Bitcoin & Ethereum trust shares.
Grayscale’s GBTC may experience new sell pressure and outflows following a ruling in the Genesis bankruptcy case on Feb. 14 https://t.co/SKCbMdTkn7
Court rules Genesis can sell over $1.3 billion worth of GBTC shares: Bloomberg https://t.co/N6KA2j83Ma
Genesis gets court approval to offload Grayscale shares https://t.co/HMcb9JbY2C
JUST IN: Genesis Global has been authorized by a bankruptcy court to redeem 35 million GBTC shares valued at over $1.3 billion. However, this might not add much sell pressure as the shares will be converted into #Bitcoin or cash gradually with the assistance of a broker. https://t.co/eKtNjFWhVv
Genesis Global won bankruptcy court permission to start redeeming roughly 35 million Grayscale Bitcoin Trust shares worth more than $1.3 billion https://t.co/vhXxGzmOeR
Genesis Cleared by Court to Sell Gbtc Shares Worth $1.3 Billion
Genesis Cleared by Court to Sell GBTC Shares Worth $1.3 Billion: BBG
According to Arkham, at 22:05 UTC+8 on February 14, Grayscale transferred 294.6 BTC to the address of Coinbase Prime Deposit, worth approximately US$15 million; it transferred 2,582 BTC to a new address, which is suspected to be Grayscale's new custody address.…
NEW: DCG and Grayscale oppose bankrupt Genesis selling 💵 $1.6B in Grayscale trusts ($GBTC, ETHE, ETCG). “4. Grayscale #Bitcoin Trust and other shares constituting 'restricted securities' cannot be sold, assigned, or otherwise disposed of without Grayscale’s prior consent.” https://t.co/dHQi0KZTyh
Bankrupt crypto lender @genesistrading filed a motion last week asking a judge to approve the sale of over $1.6 billion in $BTC, $ETH, and $ETC held in @Grayscale’s trust products. https://t.co/jp1e5UHO8T