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$1.3 Billion Sell-Off Could Put Pressure on Bitcoin Price - Coin Newsletter
Bankrupt cryptocurrency firm Genesis Global has received court approval to sell approximately 35 million shares of the Grayscale Bitcoin Trust (GBTC).
Genesis Global is set to sell shares of GBTC worth more than $1.3 billion** to pay its creditors.
According to the decision taken by Judge Sean Lane, Genesis will sell the shares through a broker over time. The company was also approved to sell more than 11 million shares of the Grayscale Ethereum Trust (more than $200 million).
Genesis' lawyer said the total value of the company's shares held in Grayscale funds is approximately $1.6 billion.
Digital Currency Group (DCG), to which both Genesis and Grayscale are affiliated, was in favor of postponing** the sales on the grounds that sales from the Grayscale fund could negatively affect prices.
The judge ruled that Genesis could make its own decision on how to sell its assets.