Genesis Granted Court Approval to Sell $1.6 Billion in Crypto Trust Shares

The sale aims to repay creditors and includes shares in Bitcoin, Ethereum, and Ethereum Classic trusts.

A U.S. bankruptcy judge granted Genesis permission to sell approximately $1.6 billion in Grayscale cryptocurrency trust shares, aiming to repay creditors.
The sale includes shares in Grayscale’s Bitcoin Trust, Ethereum Trust, and Ethereum Classic Trust, totaling about 35 million shares in the bitcoin trust alone.
Digital Currency Group's objection to the sale was overruled by the judge, citing potential conflicts of interest.
Genesis's liquidation plan includes the option to repay customers in cash or cryptocurrency, following settlements with the SEC and New York Attorney General.
The SEC will receive a $21 million fine from Genesis if funds remain after customer repayments.