Genesis Seeks Approval to Sell $1.6 Billion in Bitcoin, Ether Trust Holdings

Source: CoinDesk

“Bankrupt crypto lender Genesis filed a motion Friday asking a U.S. judge to approve the sale of over $1.6 billion in bitcoin (BTC), ether (ETH) and ethereum classic (ETC) held in Grayscale’s trust products. If the motion is approved, the market could see yet another significant chunk of selling pressure on bitcoin. In January, bankrupt exchange FTX sold over $1 billion worth of GBTC holdings. That coincided with the price dropping to $39,000 from $49,000. Nearly $1.4 billion of Genesis’[s] assets were held in Grayscale Bitcoin Trust (GBTC), which has since converted to become a spot exchange-traded fund (ETF).” (02/05/24)