- Genesis Global Trading has received approval to sell 35 million shares of the GBTC fund.
- The total value of the assets being sold is estimated to be over $1.3 billion.
- In addition to the GBTC shares, Genesis also plans to sell 11 million shares of two Grayscale Ethereum Trusts, totaling $200 million.
Genesis Global Trading, a collapsed company, has been granted permission to sell shares of the converted spot Bitcoin ETF to Grayscale Investments (GBTC), according to Bloomberg. The company is authorized to sell more than 35 million shares of the crypto fund, with the total assets valued at over $1.3 billion.
Furthermore, Genesis representatives have revealed their intention to sell securities from two Grayscale Ethereum Trusts. This sale involves 11 million shares valued at over $200 million.
Sean O’Neill, Genesis’ lawyer, has stated that the company has around $1.6 billion in assets. This capital will be used to compensate customers affected by the cryptocurrency firm’s collapse.
Prior to this approval, the Digital Currency Group holding filed a protest against the bankruptcy plan of its subsidiary, Genesis. The protest alleged that the cryptocurrency lender was offering customers a higher refund amount than legally required.
It is worth noting that Genesis has also reached an agreement with US authorities, settling a lawsuit filed by a New York City official.
As previously reported, Genesis had agreed to pay a $21 million fine to the US Securities and Exchange Commission.