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Genesis Global Capital proposes bankruptcy, aiming to liquidate $1.6 billion in trust assets, including substantial holdings in Grayscale Bitcoin Trust, Grayscale Ethereum Trust, and Grayscale Ethereum Classic Trust.Genesis suggests filing for bankruptcyGenesis Global Capital, a crypto lending firm, has submitted a new request to the U.S. Bankruptcy Court in the Southern District of New York, seeking approval to liquidate around $1.6 billion in trust assets.According to the filing, Genesis, a subsidiary of the Digital Currency Group, holds assets including approximately $1.4 billion in Grayscale Bitcoin Trust shares, about $165 million in Grayscale Ethereum Trust shares, and approximately $38 million in Grayscale Ethereum Classic Trust shares.Additionally, the company has filed a separate motion to expedite the relevant deadlines, aiming to have the sale motion considered at the upcoming bankruptcy court hearing on Thursday, February 8.Proposed Sale of GBTCThe proposal to sell GBTC shares is connected to the initial collateral Genesis transferred to Gemini through the Gemini Earn program. Some of these shares originated from the bankruptcy of Three Arrows Capital. Genesis is also pursuing legal rights to 31,180,804 additional shares (valued at around $1.2 billion) pledged to Gemini but not yet transferred, with ownership currently disputed in court.Gemini, in response, referred to the filing as a significant advancement, especially following the approval of Grayscale Bitcoin Trust (GBTC) as an exchange-traded product (ETP) on January 10thEarlier this week, Genesis agreed to settle with the SEC by paying a $21 million fine from remaining funds after bankruptcy, resolving the agency's lawsuit related to the operation of the Gemini Earn program.

Genesis Global Capital, a crypto lending firm, has submitted a new request to the U.S. Bankruptcy Court in the Southern District of New York, seeking approval to liquidate around $1.6 billion in trust assets.According to the filing, Genesis, a subsidiary of the Digital Currency Group, holds assets including approximately $1.4 billion in Grayscale Bitcoin Trust shares, about $165 million in Grayscale Ethereum Trust shares, and approximately $38 million in Grayscale Ethereum Classic Trust shares.Additionally, the company has filed a separate motion to expedite the relevant deadlines, aiming to have the sale motion considered at the upcoming bankruptcy court hearing on Thursday, February 8.The proposal to sell GBTC shares is connected to the initial collateral Genesis transferred to Gemini through the Gemini Earn program. Some of these shares originated from the bankruptcy of Three Arrows Capital. Genesis is also pursuing legal rights to 31,180,804 additional shares (valued at around $1.2 billion) pledged to Gemini but not yet transferred, with ownership currently disputed in court.Gemini, in response, referred to the filing as a significant advancement, especially following the approval of Grayscale Bitcoin Trust (GBTC) as an exchange-traded product (ETP) on January 10th.#Write2Earn #TrendingTopic #BTC