- Genesis has been approved to sell 35 million shares of GBTC fund.
- The assets are valued at more than $1.3 billion.
- Genesis also intends to sell over 11 million shares of two Grayscale Ethereum Trusts for $200 million.
The failed Genesis Global Trading has received approval to sell shares of the convertible spot bitcoin ETF to Grayscale Investments (GBTC), Bloomberg writes.
The firm was reportedly approved to sell over 35 million shares of the crypto fund. The estimated value of the assets exceeds $1.3 billion.
Representatives of Genesis also reported on the intention to sell securities of two Grayscale Ethereum Trusts. We are talking about 11 million shares, with an estimated value of more than $200 million.
Genesis lawyer Sean O’Neil said that the company has a total of $1.6 billion in assets. These funds should help pay compensation to clients affected by the cryptocurrency firm’s collapse.
Digital Currency Group Holding had earlier filed a protest against the bankruptcy plan of its subsidiary Genesis. The filing claimed that the cryptocurrency lender is offering to reimburse customers more than they are legally entitled to.
It’s also worth noting that Genesis has reached a settlement with US authorities. The firm settled a lawsuit filed by a top New York official.
Recall, we wrote about the deal between Genesis and the US Securities and Exchange Commission. The company agreed to pay a fine of $21 million.
