Summary
Genesis, a bankrupt lender, has been granted permission by a US bankruptcy judge to sell its shares of Grayscale’s bitcoin ETF (GBTC). The judge also overruled a request from Digital Currency Group (DCG) to consult on the shares, stating that DCG is not in a position to offer unbiased advice. Genesis can now decide how to sell the shares and can convert them to bitcoin or cash. The bankrupt lender owns 35 million shares of GBTC, among other assets.
Key Points
1. A judge has granted Genesis, a bankrupt lender, permission to sell its shares of Grayscale’s bitcoin ETF (GBTC) at their discretion.
2. The motion also allows the debtors to convert the shares to bitcoin or cash, with the value of the Grayscale shares estimated at $1.6 billion.
3. Digital Currency Group’s request to consult on the shares was overruled by the judge, who stated that DCG’s advice may be influenced by its own interests.