The bankruptcy court has approved Genesis Global Holdco's request to sell 35 million of GBTC shares, valued at more than $1.3 billion, to satisfy the claims of its creditors.
As reported by Bloomberg, in addition, the DCG subsidiary has announced it intends to sell more than 11 million shares of two Grayscale Ethereum trusts, with a combined value of more than $200 million.
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Initially, Digital Currency Group sought to delay the proposed deal until the court had decided on the debt repayment plan. However, representatives of the company have stated they will not oppose the sale of the trusts in the event that the plan is rejected.
In September last year, Genesis filed a lawsuit against DCG, seeking repayment of loans totaling more than $600 million.