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Bloomberg: Court approves Genesis' sale of $1.3 billion in GBTC shares

2024.02.14 - 21:54

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TechFlow news, according to Bloomberg, cryptocurrency lending firm Genesis Global Holdco LLC has received permission from a bankruptcy court to begin redeeming approximately 35 million shares of Grayscale Bitcoin Trust stock worth over $1.3 billion, in order to compensate clients who lent digital assets to the company.

Judge Sean Lane said Wednesday he would approve Genesis' request to convert GBTC shares into bitcoin or cash, a process that will be carried out gradually with the assistance of brokers.

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