Genesis Seeks Approval to Sell $1.6B of Trust Assets in Bankruptcy Filing

Genesis Requests Court Approval to Liquidate $1.6 Billion in Crypto Trust Assets

The bankrupt crypto lending firm, Genesis, has filed a request with the United States Bankruptcy Court for permission to sell off assets held in its Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Classic Trust (ETCG). The total value of these assets amounts to approximately $1.6 billion.

Urgency for Approval to Avoid Potential Price Fluctuations

In their court filing, Genesis stressed the urgency of obtaining approval to sell the trust assets before any potential fluctuations in the prices of the underlying assets – Bitcoin (BTC), Ethereum (ETH), and Ethereum Classic (ETC). The main goal is to maximize the funds available for distribution to creditors.

Significant Holdings in Top Cryptocurrencies

The filing revealed that as of September 2023, the GBTC Trust held around 3.2% of all circulating Bitcoin. In December 2022, the ETHE Trust held approximately 2.5% of all circulating Ethereum, while the ETCG Trust held roughly 8.5% of all circulating Ethereum Classic. This makes up a considerable portion of the total circulating supply of these top cryptocurrencies.

GBTC Shares Make Up Majority of Trust Assets

Out of the three trusts, GBTC shares make up approximately 87% of Genesis’ total shares, with a value of $1.38 billion. This highlights the significance of the GBTC Trust in the company’s overall assets.

ETH Trusts Request Waiver for Redemption Program Following GBTC Conversion

The ETH Trusts, which make up a significant portion of Genesis’ total holdings, are seeking written consent from the sponsor to sell or dispose of their shares due to the recent conversion of GBTC to a spot Bitcoin exchange-traded fund (ETF).

What is Web 3.0 and Its Impact on Market Cap?

The emergence of Web 3.0 has brought about a significant increase in market cap, with the ETHE Trust contributing approximately 10% and the ETHCG Trust comprising about 3% to the total holdings, amounting to $169 million and $38 million respectively.

Web 3.0 Tools: Purpose and Examples

With the rise of Web 3.0, new tools and technologies have emerged with the purpose of enhancing user experience and providing more efficient solutions. Examples include decentralized applications (dApps), blockchain technology, and artificial intelligence.

Web 3.0: What it is All About and How to Profit From It

Web 3.0 is a new era of the internet that focuses on decentralization, increased user control, and improved data privacy. This presents numerous opportunities for individuals and businesses to profit, such as through investing in cryptocurrencies or developing dApps.

Web 3.0 Use Cases and Market Size

The potential use cases for Web 3.0 are vast, ranging from finance and supply chain management to social media and gaming. With a current market size of billions of dollars, it is expected to continue growing as more industries and businesses adopt this new technology.

Mercruiser 3.0 Weber Conversion: A Step Towards Web 3.0

The recent conversion of GBTC to a spot Bitcoin ETF has sparked a significant exodus of investors selling their GBTC shares. This shift towards decentralized and transparent investment options, such as cryptocurrencies, is a step towards embracing the principles of Web 3.0.

Making Money in the Web 3.0 Market

As the Web 3.0 market continues to grow, there are numerous opportunities for individuals and businesses to profit. From investing in cryptocurrencies and decentralized finance (DeFi) projects to developing innovative solutions using blockchain technology, the potential for financial gain is significant in this new era of the internet.

The liquidation of FTX’s cryptocurrency assets and Genesis’ plan to maximize sale proceeds

On Jan. 22, FTX, a bankrupt cryptocurrency exchange, sold off its entire holdings of 22 million GBTC shares, worth almost $1 billion. This move was made in an effort to liquidate the assets completely.

In response, Genesis, the company handling the bankruptcy proceedings, has declared its intention to maximize the sale proceeds from these crypto assets. According to a court filing, both FTX and Gemini, another involved party, have agreed to work together in good faith to achieve the highest market price for the Trust Assets and Initial GBTC Shares. This includes any potential sales or redemptions.

With the growing popularity and potential of web 3.0, the market size for these assets is expected to increase significantly. This raises questions about the use cases and potential profits for individuals and businesses. Let’s explore some of the key factors and tools involved in web 3.0 and how it can lead to financial gains.