Crypto exchange Gemini says bankrupt Genesis moves to authorize sale of trust assets.
(Reuters) - Cryptocurrency exchange Gemini Trust Co said on Saturday that crypto lender Genesis has filed a motion in U.S. Bankruptcy Court authorizing a sale of trust assets and seeking authorization to monetize its interests in two Grayscale Ethereum trusts, securities that provide investors exposure to cryptocurrency.
The motion filed by Genesis late on Friday seeks authority for Gemini to monetize the initial collateral of 30,905,782 shares of Grayscale Bitcoin Trust, Gemini said.
Genesis has requested an expedited hearing on the motion on Feb. 8, Gemini said in a statement.
This week, Genesis settled a U.S. Securities and Exchange Commission lawsuit over its defunct Gemini Earn lending program.
Genesis is moving ahead with a liquidation plan that aims to repay customers in cash or cryptocurrency, depending on the types of currency they had deposited in the Earn program.
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Crypto exchange Gemini Trust Co has announced that bankrupt crypto lender Genesis has filed a motion in U.S. Bankruptcy Court to authorize the sale of trust assets. The motion also seeks authorization to monetize Genesis' interests in two Grayscale Ethereum trusts, which are securities that provide investors exposure to cryptocurrency. The motion specifically requests authority for Gemini to monetize the initial collateral of 30,905,782 shares of Grayscale Bitcoin Trust
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