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GENESIS GRANTED PERMISSION TO LIQUIDATE $1.6B IN GBTC SHARES AMIDST LEGAL TENSIONS - U.S. Bankruptcy Judge Sean Lane approved #Genesis' motion to sell its $1.6 billion worth of #GBTC shares as part of its bankruptcy proceedings. - The motion doesn't impose a specific deadline, allowing Genesis to initiate the share sales at their discretion. - Apart from the GBTC shares, Genesis is authorized to liquidate $182 million in #Ethereum. - Genesis, currently holds 35 million GBTC shares, eight million ETHE shares, and nearly $3 million of ETCG. - At the time of the ruling, each GBTC share traded at approximately $46. - Judge Lane's approval allows Genesis to exchange the shares for cash or #Bitcoin, providing strategic flexibility. - The firm can collaborate with a broker of its choice for the sales, with no stipulated timeframe for the process. - Judge Lane barred DCG, the parent company, from participating in the decision-making process, citing potential bias in assessing GBTC shares. - The court ruling comes amidst a complex legal landscape for Genesis, including a $8 million fine and BitLicense repossession from the New York Department of Financial Services. Image: Bloomberg #BTC #ETH #Grayscale #CryptoNews

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@ethena is a derivative infrastructure provider to transform ETH into the first crypto-native yield-bearing stablecoin with no reliance on banking systems.