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TechFlow reported, citing Bloomberg, that Gemini has asked a federal judge to rule that Genesis does not have the right to claim over 60 million shares of GBTC stock pledged as collateral for users of the Gemini Earn product.
The company argues that the shares in question—most of which are still held by Genesis or its affiliates—should not be used to repay other Genesis creditors. The 60 million GBTC shares are currently worth nearly $1.6 billion.
Gemini is asking a federal judge to rule that Genesis does not have the right to claim more than 60 million shares of GBTC stock pledged as collateral for Gemini Earn product users. The company argues that the shares in question—most of which are still held by Genesis or its affiliates—should not be used to repay other Genesis creditors. The 60 million GBTC shares are currently worth nearly $1.6 billion.
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