Genesis Files for Asset Sale, Eyes Grayscale Trust Monetization

Genesis Global Capital, a cryptocurrency lending firm, has submitted a request to the U.S. Bankruptcy Court in the Southern District of New York for permission to sell around $1.6 billion worth of trust assets. This move comes as part of the company’s efforts to navigate its ongoing bankruptcy proceedings. The assets slated for sale are primarily shares in various Grayscale trusts, including the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust, and Grayscale Ethereum Classic Trust.