Genesis gets court approval to offload $1.6B Grayscale shares

A judge on Wednesday granted a motion from Genesis to allow the bankrupt lender to sell its shares of Grayscale’s bitcoin ETF (GBTC).

The motion allows the debtors to begin selling the shares at their discretion, and does not set up a timeline. US bankruptcy judge Sean Lane also overruled a request from Digital Currency Group to consult on the shares.

DCG is “not in an ideal position” to offer “advice untainted by its own interest,” Judge Lane said at the hearing. He added that he didn’t fault DCG for looking out for its own interest, however.

Judge Lane added, as part of his approval, that the debtors can convert the shares to bitcoin or cash. A lawyer for Genesis pegged…

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