Ethereum

Grayscale Bitcoin Trust

Ethereum Classic

Billion

Coin

<ul class="news-points"> 
 <li><strong>Genesis seeks court approval to sell $1.6 billion Grayscale shares.</strong></li> 
 <li><strong>The assets include GBTC, Ethereum, and Ethereum Classic Trust shares.</strong></li> 
 <li><strong>Genesis’ move coincides with recent actions by FTX that caused BTC to crash.</strong></li> 
</ul> 
<p>Genesis Global Capital, a troubled crypto lender, has filed a pivotal motion with a U.S. bankruptcy court seeking approval to sell approximately $1.6 billion in trust assets. The bankrupt firm <a href="https://assets.ctfassets.net/jg6lo9a2ukvr/1G1B0bKaCsf0sMaecKIKXs/8b539b07805326772756898a4c9c1bde/Motion__ECF_No._1227_.pdf" target="_blank" rel="noreferrer noopener nofollow">filed</a> the motion with a U.S. bankruptcy court in the Southern District of New York.&nbsp;</p> 
<p>Chinese reporter Colin Wu recently called attention to the development on X. Per the court filing, the planned liquidation encompasses <a href="https://coinedition.com/grayscale-bitcoin-trust-gbtc-gained-high-nav-by-rise-in-bitcoin/" target="_blank" rel="noreferrer noopener">Grayscale Bitcoin Trust (GBTC)</a> shares valued at around $1.4 billion.&nbsp;</p> 
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   <p lang="en" dir="ltr">Genesis Global Capital filed a new motion with the U.S. Bankruptcy Court for the Southern District of New York seeking authorization to sell approximately $1.6 billion in trust assets, including Grayscale GBTC valued at approximately $1.4 billion and Grayscale Ethereum Fund…</p>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1753953956534096212?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">February 4, 2024</a>
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<p>Furthermore, Genesis revealed that among the assets it is seeking approval to liquidate are shares of Grayscale Ethereum Trust, valued at aroun…</p>
<p>The post <a href="https://coinedition.com/dump-alert-genesis-seeks-court-approval-to-liquidate-1-4-billion-in-gbtc-shares/">Dump Alert: Genesis Seeks Court Approval to Liquidate $1.4 Billion in GBTC Shares</a> appeared first on <a href="https://coinedition.com">Coin Edition</a>.</p>

Dump Alert: Genesis Seeks Court Approval to Liquidate $1.4 Billion in GBTC Shares

Coin Edition

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