Gemini

Bitcoin

Billion

The post <a href="https://coinpedia.org/news/genesis-cleared-by-court-to-sell-gbtc-shares-worth-1-3-billion/">Genesis Cleared by Court to Sell GBTC Shares Worth $1.3 Billion</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
According to <a href="https://news.bloomberglaw.com/bankruptcy-law/genesis-cleared-by-court-to-sell-gbtc-shares-worth-1-3-billion#">Bloomberg</a>, Genesis Global Holdco LLC, a Digital Currency Group (DCG) subsidiary, has received authorization from a bankruptcy court to liquidate approximately 35 million shares in Grayscale’s GBTC fund, amounting to a staggering value of over $1.3 billion. This significant move follows a ruling by Judge Sean Lane, who granted Genesis the flexibility to convert its GBTC shares into either bitcoin or cash.&nbsp; 
<h2 class="wp-block-heading" id="h-genesis-to-make-a-billion-dollar-crypto-move">Genesis to Make a Billion-Dollar Crypto Move?</h2> 
Yesterday, a U.S. court permitted Genesis to sell 1.3 billion dollars’ worth of GBTC (the Grayscale Bitcoin ETF) shares, but the market doesn’t care much. With 500+ million new inflows every day, that makes sense. The new supply will probably be absorbed. Moreover, Genesis intends to divest more than 11 million shares in two Grayscale Ethereum Trusts, valued at over $200 million.&nbsp; 
Despite objections from DCG regarding the timing of the sale, citing potential premature action pending a court decision on a debt repayment plan, the court greenlit the transaction.&nbsp; 
This news broke amidst recent legal obligations for Genesis, as the company agreed to settle a lawsuit filed by the Securities and Exchange Commission (SEC). Genesis consented to pay a hefty $21 million fine to resolve allegations related to its involvement in the Gemini Earn program. 
The lawsuit, which targeted Gemini and Genesis, accused the companies of conducting unregistered securities offerings to retail investors through the crypto lending platform. While resolving legal disputes with the SEC, this settlement highlights the regulatory challenges faced by companies operating in the cryptocurrency space. 
<h2 class="wp-block-heading" id="h-impact-on-crypto">Impact on Crypto</h2> 
This move could impact the entire cryptocurrency market, including Bitcoin’s value.&nbsp; 
As of now, Bitcoin surged past $52,000 on Wednesday, crossing the $1 trillion market value milestone and bouncing back from Tuesday’s decline. As ETF Demand rises, some traders are eyeing the $64,000 level in the weeks ahead.&nbsp; 
However, Swissblock analysts warned of Bitcoin’s slowing momentum despite its ongoing uptrend, emphasizing the importance of maintaining the $46,000 support level. 
Fearing the FOMO, analyst John Gregory predicts the potential sale may push BTC’s price down, especially as it faces resistance around $52,000 to $54,000. This could create an opportunity for altcoins to see some upward movement during a consolidation phase for Bitcoin.&nbsp; 
As Genesis addresses these challenges, stakeholders will watch closely for its impact on the broader cryptocurrency ecosystem. It seems a lot is connected with this GBTC share sale and only time will tell how it will impact the crypto space before halving.

Genesis Cleared by Court to Sell GBTC Shares Worth $1.3 Billion

Table of Contents

CoinPedia News

Άλλα άρθρα που δημοσιεύτηκαν στις 15 Φεβ 2024

Billy Markus reveals surprisingly small Bitcoin holdings

Bitcoin Price Struggles to Surpass $53,000 Mark

Crypto played little part in Hamas terror financing — US Treasury

Is Ripple Set for a Bull Run After BTC’s $50k Breakout? Explore 7 Altcoins Under $1

Ethereum Gains Stability as Market Anticipates Dencun Upgrade

Bitcoin’s Price Soars Above $50,000, Market Holds Its Breath for Future Movements

Join our free newsletter for daily crypto updates!