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Following the FTX incident in recent years, the bankrupt giant company Genesis Global Capital, has made a new application to the US Bankruptcy Court in the Southern District of New York, requesting authority to sell approximately $1.6 billion in trust assets.
Application for the Sale of $1.6 Billion in Assets
According to the application, the assets held by Genesis, which served as a subsidiary of Digital Currency Group, notably include $1.4 billion worth of Grayscale Bitcoin Trust shares, approximately $165 million worth of Grayscale Ethereum Trust shares, and about $38 million worth of Grayscale Ethereum Classic Trust shares.
The company has made another move by creating a request to shorten the relevant periods so that the sale request can be heard at the next hearing of the bankruptcy court on Thursday, February 8th.
The GBTC shares for which approval is sought for sale include some shares obtained through the bankruptcy of Three Arrows Capital, as well as the initial collateral transferred to Gemini as part of the last company’s Gemini Earn program, which also included Genesis.
The company also aims to legally reclaim an additional 31,180,804 shares (valued at approximately $1.2 billion) pledged to Gemini but never transferred, the ownership of which remains unclear.
Gemini also made a statement on its website, calling the application “a significant development following the approval of Grayscale Bitcoin Trust (GBTC) as an exchange-traded product (ETP) on January 10th.”
Earlier this week, Genesis agreed to pay a $21 million fine to the SEC from the funds it still possessed after bankruptcy to resolve lawsuits faced due to the operation of the Gemini Earn program.
Current Bitcoin Status
While all this was happening, attention suddenly turned to Bitcoin. The announcements seem to have had no effect on Bitcoin. As of the time of writing, Bitcoin (BTC) is trading at the $43,000 level.
Bitcoin’s trading volume has decreased by 39% in the last 24 hours and is just over $11 billion. The overall volume is just below the $850 billion level.
