Genesis Seeks Approval to Sell Nearly $1.4 Billion GBTC Shares

https://unchainedcrypto.com/genesis-seeks-approval-to-sell-nearly-1-4-billion-gbtc-shares/

ChatGPT Summary of Article:

Genesis, a bankrupt crypto lender, is seeking court approval to sell approximately $1.4 billion worth of shares in the Grayscale Bitcoin Trust (GBTC). These shares were initially part of collateral pledged to Gemini for the Gemini Earn program, but a dispute arose, and Gemini foreclosed on the GBTC shares. Genesis is contesting the foreclosure in court. In addition to the GBTC shares, Genesis also seeks permission to sell $169 million in the Grayscale Ethereum Trust (ETHE) and $38 million in the Grayscale Ethereum Classic Trust (ETCG). This move comes after Genesis agreed to pay $21 million to settle a lawsuit filed by the U.S. Securities and Exchange Commission (SEC) regarding unregistered securities offered through the Gemini Earn program.

This could be brutal. Was GBTC dumping (thus BTC dumping given how the ETF works with cash-only redemptions) over with or were people taking a breath to get the prices up before resuming the dump?