Overview

• 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.