coinengineer.io
15 February 2024 07:30, UTC
In 2022, the long-awaited approval for Genesis, the company that declared its bankruptcy, came through. Earlier this month, the company had requested approval from the court for the sale of GBTC(Grayscale Bitcoin).
You may be interested: Genesis Seeks Bankruptcy Court Approval to Sell GBTC
Judge Sean Lane granted the awaited approval. Genesis can sell 35 million GBTC valued at 1.3 billion. This increases concerns about selling pressure on Bitcoin.
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Also, Genesis is considering selling a Grayscale Ethereum fund worth 200 million dollars.
As it is known, the SEC had approved a spot Bitcoin ETF on January 10th. After the approval came, companies started selling GBTC shares to make a profit. This had a negative impact on the market. So far, sales of approximately 6 billion dollars have been observed. Lastly, GBTC share sales came from FTX. This was worth roughly 1.5 billion dollars.
The possibility that Genesis, like similar cases, might sell its own GBTC worth 1.3 billion dollars, is the cause of concerns.
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