TechFlow news: GeminiTrust stated on social media that last night Genesis filed a motion seeking authorization to sell trust assets. Genesis is seeking approval from the bankruptcy court to monetize its holdings in GBTC, Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Classic Trust (ETCG).
The assets held by Genesis, a subsidiary of Digital Currency Group, include approximately $1.4 billion worth of shares in Grayscale's Bitcoin Trust, around $165 million in Grayscale's Ethereum Trust shares, and about $38 million in Grayscale's Ethereum Classic Trust shares.
To facilitate upcoming distributions to Earn users (which are only possible once the plan is confirmed), the motion also seeks authorization for Gemini to monetize its initial collateral (30,905,782 shares of GBTC) for the benefit of Earn users. Genesis has requested an expedited hearing on the motion at 11:00 a.m. Eastern Time on February 8, 2024.
