Ethereum

Gemini

Billion

Grayscale Bitcoin Trust

Ethereum Classic

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/genesis-global-capital-pursues-court-approval-for-1-6-billion-trust-asset-sale" rel="noopener noreferrer nofollow">Genesis Global Capital Pursues Court Approval for $1.6 Billion Trust Asset Sale</a><br></p>
<p style="text-align: justify">Recently, Genesis Global Capital, a significant company that has declared bankruptcy, submitted a proposal to the US Bankruptcy Court in the Southern District of New York, seeking the green light to divest around $1.6 billion worth of trust assets. These assets primarily comprise shares in Grayscale’s <a href="https://en.bitcoinhaber.net/bitcoin-celebrates-15-years-of-decentralized-financial-revolution" rel="noopener noreferrer nofollow">Bitcoin</a>, Ethereum, and Ethereum Classic Trusts. In a strategic move, Genesis has also requested expediting the timeline for the court’s consideration of the sale to coincide with an upcoming hearing.</p>
<h2 id="details-on-the-proposed-asset-liquidation">Details on the Proposed Asset Liquidation</h2>
<p style="text-align: justify">The assets poised for sale include $1.4 billion in Grayscale Bitcoin Trust shares, with additional holdings in Grayscale Ethereum and Ethereum Classic Trust shares valued at $165 million and $38 million, respectively. Many of these shares are tied to the collapse of Three Arrows Capital and the Gemini Earn program.</p>
<p style="text-align: justify">In a notable development, Genesis is attempting to recover over 31 million shares, worth roughly $1.2 billion, which were pledged but not transferred to Gemini, leading to a dispute over their ownership. Gemini recently labeled this development as significant, especially after the Grayscale Bitcoin Trust’s authorization as an exchange-traded product.</p>
<p style="text-align: justify">Genesis has also consented to a $21 million settlement with the SEC, using its remaining funds to address legal challenges associated with its Gemini Earn program.</p>
<h2 id="bitcoin-s-market-performance-unaffected">Bitcoin’s Market Performance Unaffected</h2>
<p style="text-align: justify">Amid these proceedings, Bitcoin’s market activity remains unshaken, maintaining a trading price around $43,000. Despite a 39% drop in trading volume within the past day, the cryptocurrency’s total market volume hovers just under the $850 billion mark.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/genesis-global-capital-pursues-court-approval-for-1-6-billion-trust-asset-sale" rel="noopener noreferrer nofollow">Genesis Global Capital Pursues Court Approval for $1.6 Billion Trust Asset Sale</a></h5>

Genesis Global Capital Pursues Court Approval for $1.6 Billion Trust Asset Sale

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Alte articole publicate pe 3 feb. 2024

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