Court Allows Genesis to Sell $1.3 Billion Worth of GBTC Shares

Court Allows Genesis to Sell $1.3 Billion Worth of GBTC Shares
By AZC News | Feb 16 2024
Genesis has been approved for bankruptcy by the court and allowed to sell $1.3 billion worth of GBTC shares, similar to what FTX has done.Court Allows Genesis to Sell $1.3 Billion Worth of GBTC Shares
The bankruptcy court has approved the proposal to sell the assets of the lending company Genesis, allowing it to liquidate 35 million GBTC shares, valued at approximately $1.3 billion. Genesis will have the option to convert these GBTC shares into Bitcoin or cash to compensate customers for losses incurred due to the company's bankruptcy event in January 2023.

Additionally, the company intends to sell an additional $200 million worth of Ethereum shares.


Reasons for Genesis' bankruptcy


In January 2024, Grayscale's GBTC shares were approved by the U.S. Securities and Exchange Commission (SEC) for conversion into a Bitcoin spot ETF, providing investors with an avenue to convert back to cash after suffering losses for a long period.

As reported by AZC.News, another bankrupt company, FTX, reportedly sold over $1 billion in GBTC shares within a week of the fund becoming a Bitcoin ETF.

However, the parent company of both Genesis and Grayscale, Digital Currency Group (DCG), attempted to delay the sale of GBTC shares, citing that the court had not yet approved Genesis' debt repayment plan.

In early February, Genesis reached a settlement agreement with the SEC, agreeing to pay a $21 million fine to the securities commission. The company also concluded a lawsuit brought by the New York state government, although the extent of the penalty is unclear. However, New York state has expanded its investigation into DCG, with estimated damages increasing from $1 billion to $3 billion.

Related: Genesis Files for Bankruptcy with U.S. Bankruptcy Court

The selling pressure of GBTC has also significantly decreased in the past two weeks, while other Bitcoin ETFs, led by BlackRock, continue to purchase hundreds of millions of dollars worth of BTC each day, contributing significantly to Bitcoin's recovery and surpassing the $52,500 mark on the morning of February 15th.

Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own researchCourt Allows Genesis to Sell $1.3 Billion Worth of GBTC Shares
By AZC News | Feb 16 2024

Genesis has been approved for bankruptcy by the court and allowed to sell $1.3 billion worth of GBTC shares, similar to what FTX has done.Court Allows Genesis to Sell $1.3 Billion Worth of GBTC Shares
The bankruptcy court has approved the proposal to sell the assets of the lending company Genesis, allowing it to liquidate 35 million GBTC shares, valued at approximately $1.3 billion. Genesis will have the option to convert these GBTC shares into Bitcoin or cash to compensate customers for losses incurred due to the company's bankruptcy event in January 2023.

Additionally, the company intends to sell an additional $200 million worth of Ethereum shares.


Reasons for Genesis' bankruptcy


In January 2024, Grayscale's GBTC shares were approved by the U.S. Securities and Exchange Commission (SEC) for conversion into a Bitcoin spot ETF, providing investors with an avenue to convert back to cash after suffering losses for a long period.

As reported by AZC.News, another bankrupt company, FTX, reportedly sold over $1 billion in GBTC shares within a week of the fund becoming a Bitcoin ETF.

However, the parent company of both Genesis and Grayscale, Digital Currency Group (DCG), attempted to delay the sale of GBTC shares, citing that the court had not yet approved Genesis' debt repayment plan.

In early February, Genesis reached a settlement agreement with the SEC, agreeing to pay a $21 million fine to the securities commission. The company also concluded a lawsuit brought by the New York state government, although the extent of the penalty is unclear. However, New York state has expanded its investigation into DCG, with estimated damages increasing from $1 billion to $3 billion.

Related: Genesis Files for Bankruptcy with U.S. Bankruptcy Court

The selling pressure of GBTC has also significantly decreased in the past two weeks, while other Bitcoin ETFs, led by BlackRock, continue to purchase hundreds of millions of dollars worth of BTC each day, contributing significantly to Bitcoin's recovery and surpassing the $52,500 mark on the morning of February 15th.

Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own researchCourt Allows Genesis to Sell $1.3 Billion Worth of GBTC Shares
By AZC News | Feb 16 2024

Genesis has been approved for bankruptcy by the court and allowed to sell $1.3 billion worth of GBTC shares, similar to what FTX has done.Court Allows Genesis to Sell $1.3 Billion Worth of GBTC Shares
The bankruptcy court has approved the proposal to sell the assets of the lending company Genesis, allowing it to liquidate 35 million GBTC shares, valued at approximately $1.3 billion. Genesis will have the option to convert these GBTC shares into Bitcoin or cash to compensate customers for losses incurred due to the company's bankruptcy event in January 2023.

Additionally, the company intends to sell an additional $200 million worth of Ethereum shares.


Reasons for Genesis' bankruptcy


In January 2024, Grayscale's GBTC shares were approved by the U.S. Securities and Exchange Commission (SEC) for conversion into a Bitcoin spot ETF, providing investors with an avenue to convert back to cash after suffering losses for a long period.

As reported by AZC.News, another bankrupt company, FTX, reportedly sold over $1 billion in GBTC shares within a week of the fund becoming a Bitcoin ETF.

However, the parent company of both Genesis and Grayscale, Digital Currency Group (DCG), attempted to delay the sale of GBTC shares, citing that the court had not yet approved Genesis' debt repayment plan.

In early February, Genesis reached a settlement agreement with the SEC, agreeing to pay a $21 million fine to the securities commission. The company also concluded a lawsuit brought by the New York state government, although the extent of the penalty is unclear. However, New York state has expanded its investigation into DCG, with estimated damages increasing from $1 billion to $3 billion.

Related: Genesis Files for Bankruptcy with U.S. Bankruptcy Court

The selling pressure of GBTC has also significantly decreased in the past two weeks, while other Bitcoin ETFs, led by BlackRock, continue to purchase hundreds of millions of dollars worth of BTC each day, contributing significantly to Bitcoin's recovery and surpassing the $52,500 mark on the morning of February 15th.

Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own researchCourt Allows Genesis to Sell $1.3 Billion Worth of GBTC Shares
By AZC News | Feb 16 2024

Genesis has been approved for bankruptcy by the court and allowed to sell $1.3 billion worth of GBTC shares, similar to what FTX has done.Court Allows Genesis to Sell $1.3 Billion Worth of GBTC Shares
The bankruptcy court has approved the proposal to sell the assets of the lending company Genesis, allowing it to liquidate 35 million GBTC shares, valued at approximately $1.3 billion. Genesis will have the option to convert these GBTC shares into Bitcoin or cash to compensate customers for losses incurred due to the company's bankruptcy event in January 2023.

Additionally, the company intends to sell an additional $200 million worth of Ethereum shares.


Reasons for Genesis' bankruptcy


In January 2024, Grayscale's GBTC shares were approved by the U.S. Securities and Exchange Commission (SEC) for conversion into a Bitcoin spot ETF, providing investors with an avenue to convert back to cash after suffering losses for a long period.

As reported by AZC.News, another bankrupt company, FTX, reportedly sold over $1 billion in GBTC shares within a week of the fund becoming a Bitcoin ETF.

However, the parent company of both Genesis and Grayscale, Digital Currency Group (DCG), attempted to delay the sale of GBTC shares, citing that the court had not yet approved Genesis' debt repayment plan.
In early February, Genesis reached a settlement agreement with the SEC, agreeing to pay a $21 million fine to the securities commission. The company also concluded a lawsuit brought by the New York state government, although the extent of the penalty is unclear. However, New York state has expanded its investigation into DCG, with estimated damages increasing from $1 billion to $3 billion.

Related: Genesis Files for Bankruptcy with U.S. Bankruptcy Court

The selling pressure of GBTC has also significantly decreased in the past two weeks, while other Bitcoin ETFs, led by BlackRock, continue to purchase hundreds of millions of dollars worth of BTC each day, contributing significantly to Bitcoin's recovery and surpassing the $52,500 mark on the morning of February 15th.

Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own researchCourt Allows Genesis to Sell $1.3 Billion Worth of GBTC Shares
By AZC News | Feb 16 2024

Genesis has been approved for bankruptcy by the court and allowed to sell $1.3 billion worth of GBTC shares, similar to what FTX has done.Court Allows Genesis to Sell $1.3 Billion Worth of GBTC Shares
The bankruptcy court has approved the proposal to sell the assets of the lending company Genesis, allowing it to liquidate 35 million GBTC shares, valued at approximately $1.3 billion. Genesis will have the option to convert these GBTC shares into Bitcoin or cash to compensate customers for losses incurred due to the company's bankruptcy event in January 2023.

Additionally, the company intends to sell an additional $200 million worth of Ethereum shares.


Reasons for Genesis' bankruptcy


In January 2024, Grayscale's GBTC shares were approved by the U.S. Securities and Exchange Commission (SEC) for conversion into a Bitcoin spot ETF, providing investors with an avenue to convert back to cash after suffering losses for a long period.

As reported by AZC.News, another bankrupt company, FTX, reportedly sold over $1 billion in GBTC shares within a week of the fund becoming a Bitcoin ETF.

However, the parent company of both Genesis and Grayscale, Digital Currency Group (DCG), attempted to delay the sale of GBTC shares, citing that the court had not yet approved Genesis' debt repayment plan.

In early February, Genesis reached a settlement agreement with the SEC, agreeing to pay a $21 million fine to the securities commission. The company also concluded a lawsuit brought by the New York state government, although the extent of the penalty is unclear. However, New York state has expanded its investigation into DCG, with estimated damages increasing from $1 billion to $3 billion.

Related: Genesis Files for Bankruptcy with U.S. Bankruptcy Court

The selling pressure of GBTC has also significantly decreased in the past two weeks, while other Bitcoin ETFs, led by BlackRock, continue to purchase hundreds of millions of dollars worth of BTC each day, contributing significantly to Bitcoin's recovery and surpassing the $52,500 mark on the morning of February 15th.

Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own researchCourt Allows Genesis to Sell $1.3 Billion Worth of GBTC Shares
By AZC News | Feb 16 2024

Genesis has been approved for bankruptcy by the court and allowed to sell $1.3 billion worth of GBTC shares, similar to what FTX has done.Court Allows Genesis to Sell $1.3 Billion Worth of GBTC Shares
The bankruptcy court has approved the proposal to sell the assets of the lending company Genesis, allowing it to liquidate 35 million GBTC shares, valued at approximately $1.3 billion. Genesis will have the option to convert these GBTC shares into Bitcoin or cash to compensate customers for losses incurred due to the company's bankruptcy event in January 2023.

Additionally, the company intends to sell an additional $200 million worth of Ethereum shares.


Reasons for Genesis' bankruptcy


In January 2024, Grayscale's GBTC shares were approved by the U.S. Securities and Exchange Commission (SEC) for conversion into a Bitcoin spot ETF, providing investors with an avenue to convert back to cash after suffering losses for a long period.

As reported by AZC.News, another bankrupt company, FTX, reportedly sold over $1 billion in GBTC shares within a week of the fund becoming a Bitcoin ETF.

However, the parent company of both Genesis and Grayscale, Digital Currency Group (DCG), attempted to delay the sale of GBTC shares, citing that the court had not yet approved Genesis' debt repayment plan.

In early February, Genesis reached a settlement agreement with the SEC, agreeing to pay a $21 million fine to the securities commission. The company also concluded a lawsuit brought by the New York state government, although the extent of the penalty is unclear. However, New York state has expanded its investigation into DCG, with estimated damages increasing from $1 billion to $3 billion.

Related: Genesis Files for Bankruptcy with U.S. Bankruptcy Court

The selling pressure of GBTC has also significantly decreased in the past two weeks, while other Bitcoin ETFs, led by BlackRock, continue to purchase hundreds of millions of dollars worth of BTC each day, contributing significantly to Bitcoin's recovery and surpassing the $52,500 mark on the morning of February 15th.

Disclaimer. This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision. when making a decision. when making a decision. when making a decision. when making a decision. when making a decision.