Genesis Global Holdco Gets Court Approval to Redeem $1.3 Billion in Grayscale Bitcoin Trust Shares

According to BlockBeats, Genesis Global Holdco LLC has received permission from a bankruptcy court to begin redeeming over $1.3 billion worth of approximately 35 million Grayscale Bitcoin Trust shares. This move comes as the bankrupt cryptocurrency lending firm prepares to compensate customers who lent digital assets to the company. Judge Sean Lane stated on Wednesday that he would approve Genesis' request to convert the shares into Bitcoin or cash, a process that will be assisted by brokers and carried out gradually.