Genesis Seeks to Liquidate $1.6B in Crypto Assets Held in Grayscale's Trusts, Potentially Adding Further Pressure to Bitcoin Prices
• Genesis filed a motion to sell over $1.6B in bitcoin, ether, and ethereum classic held in Grayscale's trust products • If approved, it could lead to more selling pressure on bitcoin prices, like when FTX sold $1B in GBTC last month • Nearly $1.4B of the assets are held in Grayscale Bitcoin Trust, which recently converted to a spot BTC ETF • Some GBTC shares were transferred to Gemini as collateral in the Gemini Earn program • Genesis' biggest creditor is Gemini, which estimates over 100K users are owed $1B-$10B due to the bankruptcy