BANKRUPT CRYPTO LENDER GENESIS SEEKS APPROVAL TO SELL $1.6B OF TRUST ASSETS

Summary from the TLDR Crypto newsletter

Genesis, the infamous bankrupt crypto lending company, has requested permission from a US Bankruptcy Court to sell approximately $1.6 billion worth of its shares in Grayscale's cryptocurrency trusts. The company is hoping to execute these sales promptly to mitigate the risks of asset price volatility and maximize returns for creditors. The liquidation is important for Genesis to be able to distribute funds to creditors. The situation highlights how the recent conversion of the Grayscale Bitcoin Trust to a spot ETF enables cash redemptions.