Genesis Cleared to Sell GBTC Shares Worth $1.3 Billion (Correct)

Genesis Global Holdco LLC won bankruptcy court permission to sell roughly 35 million Grayscale Bitcoin Trust shares worth more than $1.3 billion as the bankrupt crypto lender readies plans to compensate clients who lent it digital assets.

Judge Sean Lane said Wednesday he’d grant Genesis’ request to sell the shares, a process the crypto lender said would be conducted over time with the help of a broker. Genesis also intends to sell more than 11 million shares in two Grayscale Ethereum Trusts worth more than $200 million, according to a Feb. 2 court filing.

Genesis lawyer Sean O’Neal said the ...