TechFlow reports that Gemini Trust announced on X that on February 14, Judge Lane approved Genesis' motion to authorize the sale of trust assets. According to the bankruptcy court's order approving this motion, Gemini is now authorized to begin monetizing its initial collateral (30,905,782 shares of GBTC) to return funds to Earn users.
This is a significant step that will facilitate in-kind distributions to Earn users—returning the specific digital assets they lent, rather than equivalent USD or alternative cryptocurrencies.
Earlier report: The cryptocurrency lending firm Genesis Global Holdco LLC received permission from the bankruptcy court to begin redeeming approximately 35 million shares of Grayscale Bitcoin Trust stock worth over $1.3 billion to compensate customers who lent digital assets to it.
