(Reuters) – Cryptocurrency bank Genesis has filed a request in U.S. Bankruptcy Court to allow the sale of trust assets and seek permission to monetize its interests in two Grayscale Ethereum funds, securities that provide investors exposure to the currency, cryptocurrency trading firm Gemini Trust said on Saturday. encrypted. .
The proposal filed by Genesis late Friday seeks Gemini's authority to monetize the initial warrants of 30,905,782 shares of the Grayscale Bitcoin Trust, Gemini said.
Gemini said in a statement that Genesis has requested an urgent hearing on the proposal on February 8.
Genesis this week settled a lawsuit brought by the U.S. Securities and Exchange Commission over its defunct lending program Gemini Earn.
Genesis is moving forward with a liquidation plan that aims to repay customers in cash or cryptocurrency, depending on the types of currency they have deposited into the Earn program.
Earn was shut down during the November 2023 cryptocurrency market crash, and its failure led to a lawsuit between Genesis, Gemini, and Genesis' parent company, Digitalency Group.
(Reporting by Gursimran Kaur in Bengaluru; Editing by David Gregorio)
