In a recent development, Genesis, a bankrupt digital asset lending firm, has formally petitioned a United States Bankruptcy Court for an approval to sell its assets, including more than 30 million Grayscale Bitcoin Trust (GBTC) shares currently held in Gemini Earn program.

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This move comes as the exchange aims to expedite its exit from bankruptcy and ensure a faster repayment process for creditors.

GBTC, recently transformed into a spot Bitcoin Exchange-Traded Fund (ETF) following SEC approval, holds around 3.2% of the total circulating Bitcoin. Notably, GBTC shares constitute a significant portion of Genesis’ assets, comprising around 87% of the company’s total shares across…

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