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Court Frees Genesis to Sell GBTC Shares Worth $1.3B to Compensate Clients
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Genesis Global obtained bankruptcy court approval on Wednesday to sell its Grayscale Bitcoin Trust (GBTC) shares.
The bankrupt crypto lender can now sell its 35m GBTC shares worth over $1.3b as part of efforts to reimburse customers. In a Feb. 14 hearing conducted via Zoom, Judge Sean Lane signed off on an order permitting the debtors to sell the shares as desired. No timeline was specified.
Judge Lane’s approval allows the debtors to convert the shares into either bitcoin or cash.
Genesis also got the green light to call the shots on how to sell off the assets and to team up with a broker for the sales process.
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