Court Has Greenlit Genesis to Sell $1.6B in Grayscale’s BTC, ETH Funds

• Bankruptcy judge approved Genesis to sell $1.6 billion worth of shares in Grayscale trusts.
• Genesis told the court that it needed to sell these shares to avoid paying $1.9 million in monthly fees on its trust agreements.
• The firm has $1.3 billion in GBTC and $207 million in the Ethereum trust.

Genesis, a bankrupt digital asset lending firm, has been allowed to sell $1.6 billion worth of Grayscale’s Bitcoin and Ethereum shares, as it aims to undergo restructuring and repay the creditors. 

According to a report from Reuters, Genesis Global received approval from United States Bankruptcy Judge Sean Lane on Wednesday during a court hearing in White Plains, New York. Notably, the bankrupt firm has been greenlit to capitalize on its investment in Grayscale Bitcoin Trust, Grayscale Ethereum Trust, and Grayscale Ethereum Classic Trust.

It is important to note that Genesis holds around $1.3 billion in GBTC shares, followed by $207 million in the Ethereum trust. Interestingly, the firm told the court that it needed to sell these shares to avoid paying $1.9 million in monthly fees on its trust agreements. 

On the other hand, Genesis has yet to secure a victory …

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