Debtors of the bankrupt crypto lending firm stressed the need for fast approval to sell the shares before any potential price fluctuations.
Bankrupt crypto lending firm Genesis Global Capital has requested a United States Bankruptcy Court for permission to liquidate shares in the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE) and Grayscale Ethereum Classic Trust (ETCG), totaling approximately $1.6 billion.
In a recent court filing, Genesis emphasized the urgency of obtaining approval to sell the trust assets ahead of any potential fluctuations in the prices of the underlying assets, which are Bitcoin (BTC), Ether (ETH) and Ethereum Classic (ETC). Genesis stated that the aim is to maximize the funds available for distribution to creditors.
GBTC shares make up approximately 87% of Genesis’ total portfolio across the three trusts, with a value of $1.38 billion.
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Source: https://cointelegraph.com/news/bankrupt-crypto-lender-genesis-approval-gbtc-ethe-etcg-shares