Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • TRADING
  • HACKING
  • SLOT
  • CASINO
  • SUBMIT
Crypto Flexs
Home»ADOPTION NEWS»Genesis Global Capital moves to liquidate $1.6 billion from Grayscale Trust amid bankruptcy.
ADOPTION NEWS

Genesis Global Capital moves to liquidate $1.6 billion from Grayscale Trust amid bankruptcy.

By Crypto FlexsFebruary 5, 20242 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Genesis Global Capital moves to liquidate .6 billion from Grayscale Trust amid bankruptcy.
Share
Facebook Twitter LinkedIn Pinterest Email

Genesis Global Capital has petitioned the U.S. Bankruptcy Court to sell approximately $1.6 billion of its Grayscale Bitcoin, Ethereum and Ethereum Classic Trust holdings. This strategic liquidation aims to maximize creditor repayment amid potential market volatility in accordance with the recent SEC settlement.

Genesis Global Capital, a cryptocurrency lender currently undergoing bankruptcy proceedings, filed with the U.S. Bankruptcy Court for the Southern District of New York to liquidate Grayscale’s Bitcoin Trust (GBTC) and Ethereum Trust (ETHE) holdings. took meaningful steps to request permission. , Ethereum Classic Trust (ETCG), etc., with a total asset value of approximately $1.6 billion. The request is part of Genesis’ broader strategy to maximize funds available for distribution to creditors amid potential fluctuations in underlying asset prices.

Assets subject to liquidation include approximately $1.4 billion in GBTC stock, $165 million in ETHE stock, and $38 million in ETCG stock. Genesis emphasized the urgency of obtaining approval for the sale of assets to mitigate risks associated with price volatility in the cryptocurrency market and facilitate timely distributions to creditors.​​​​​

In addition to seeking to sell these trust assets, Genesis aims to regain legal ownership of an additional 31,180,804 shares worth approximately $1.2 billion. gemini But it was never transferred. This matter is currently awaiting resolution by the courts. These shares were initially pledged by Genesis to Gemini for the Gemini Earn program.

Genesis’ liquidation request comes after the company reached an agreement with the U.S. Securities and Exchange Commission (SEC) to resolve lawsuits related to its operation of the Gemini Earn program. As part of the settlement, Genesis agreed to pay a $21 million penalty from funds remaining after the bankruptcy proceedings are completed. The settlement aims to resolve the SEC’s claims and allows Genesis to focus on maximizing returns for its creditors without the burden of lengthy litigation.

The motion to liquidate the assets will be heard at a hearing on February 8, underscoring Genesis’ intention to expedite the process despite ongoing challenges. This strategic liquidation effort is a pivotal step in Genesis’ bankruptcy proceedings and efforts to resolve its financial obligations, especially considering GBTC’s recent conversion to an in-kind Bitcoin ETF that allows for stock cash redemptions.

Image source: Shutterstock

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Ether Lee (ETH) tests major support for $ 4,453 after the highest rejection.

August 31, 2025

Bitcoin analysts bet on $ 200K after hints of Fed.

August 23, 2025

‘Self -transactions, dressed in capital layout’: The cryptocurrency financial craze divides the industry.

August 15, 2025
Add A Comment

Comments are closed.

Recent Posts

WorldShards Announces Partnership With ByBit And TGE Date

September 1, 2025

EcoSync & CarbonCore Launch Full Stages Refi Infrastructure Linking Carbon Credits With Web3

September 1, 2025

NFT sales in August increased 2.78% in July 2025

September 1, 2025

Bitcoin Price Posts for 5 consecutive August losses: Will Michael Saylor react?

August 31, 2025

Metaplanet’s bitcoin strategy is having trouble with stock plummet in the crisis of financing.

August 31, 2025

Next chapter of ecosystem support program

August 31, 2025

Ether Lee (ETH) tests major support for $ 4,453 after the highest rejection.

August 31, 2025

BNB price forecast: Target $ 890- $ 900 in September 2025.

August 31, 2025

After BTS Star Jungkook has 39 billion hacking, South Korea will crack down on encryption fraud.

August 30, 2025

FY Energy Offers Industry-leading Cloud Computing Systems, Offering Opportunities For Daily Passive Income Of $7,580 Through Mining.

August 30, 2025

Four coins to be purchased as decisions for five branch XRP ETFs will be pushed until October.

August 30, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

WorldShards Announces Partnership With ByBit And TGE Date

September 1, 2025

EcoSync & CarbonCore Launch Full Stages Refi Infrastructure Linking Carbon Credits With Web3

September 1, 2025

NFT sales in August increased 2.78% in July 2025

September 1, 2025
Most Popular

If the SOL price is $ 110, the Solana tvL is reduced by 40% if the additional loss is dangerous.

February 27, 2025

As the NOT airdrop approaches, the release date of the ‘Notcoin’ token as OKX reward has been confirmed.

May 9, 2024

How to build AI products without building an AI model

April 15, 2025
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.