Gemini Trust Co., a leading cryptocurrency platform, has initiated legal action against the now-insolvent crypto lender, Genesis Global Holdco LLC.

The litigation revolves around the rightful ownership of Grayscale Bitcoin Trust shares, currently valued at nearly $1.6 billion, Bloomberg reported.

Gemini’s move to the courts, spotlighted just weeks ahead of Benzinga’s Future of Digital Assets conference on Nov. 14, seeks a judicial declaration.

The firm wants affirmation that Genesis holds no entitlement to over 60 million GBTC shares, initially pledged as collateral to patrons of Gemini’s Earn offering.

Gemini firmly contends that these shares, predominantly retained by Genesis and its…

Read more on Benzinga