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.
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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