Genesis seeks court approval to sell approximately $1.6 billion in trust assets

ChainCatcher news, according to The Block, Genesis Global Capital has submitted a new motion to the U.S. Bankruptcy Court for the Southern District of New York, seeking authorization to sell approximately $1.6 billion in trust assets. The documents show that the assets held by Genesis include approximately $1.4 billion in Grayscale Bitcoin Trust shares, approximately $165 million in Grayscale Ethereum Trust shares, and approximately $38 million in Grayscale Ethereum Classic Trust shares. These GBTC shares were the initial collateral transferred by Genesis to Gemini and some shares obtained from the bankrupt crypto hedge fund Three Arrows Capital.

Genesis also submitted a separate motion requesting to shorten the relevant deadlines so that the bankruptcy court can consider the sale motion at the next hearing on February 8. Additionally, the company is seeking legal claims for 31,180,804 additional shares (valued at approximately $1.2 billion). These shares have been pledged to Gemini but were never transferred, and the court has yet to determine their ownership.