Court approves Genesis sale of $1.3bn worth of GBTC shares
Crypto lender Genesis Global Holdco LLC received permission from the bankruptcy court to begin redeeming about 35 million grey-scale Bitcoin Trust shares worth more than $1.3 billion to compensate customers who lent it digital assets, Bloomberg reported.
Judge Sean Lane said Wednesday that he will grant Genesis' request to convert the GBTC shares into bitcoin or cash, a process that will be facilitated by brokers and conducted gradually.
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