Cryptocurrency giant Genesis Global encounters a storm of opposition as it seeks to offload approximately $1.6 billion in Grayscale Investments trusts shares to buoy its Chapter 11 estate. In a high-stakes legal showdown unfolding in New York’s bankruptcy court, both Grayscale and Genesis’ parent company launch vigorous objections against the proposed transactions.
Grayscale and DCG Stand Firm
In a fiery retort documented on Friday, Grayscale and Digital Currency Group (DCG) vehemently contest Genesis’ bid to sell shares vested in Grayscale’s bitcoin and Ethereum trusts, valued at a staggering $1.6 billion as of January 30.
Genesis Hit With Objections To $1.6B In Grayscale Trust Sales: A Clash of Titans
Grayscale asserts that Genesis lacks the authority to mandate share redemptions or curtail Grayscale’s prerogative to greenlight specific transactions. Meanwhile, DCG contends that the sales should be halted until unresolved issues surrounding Genesis’ restructuring blueprint are resolved.
