Genesis Global Holdco Receives Court Approval to Buy Back $1.3 Billion Grayscale Bitcoin Trust Shares

Genesis Global Holdco LLC has received permission from a bankruptcy court to begin repurchasing approximately 35 million Grayscale Bitcoin Trust shares worth $1.3 billion, according to BlockBeats. The move comes as the bankrupt cryptocurrency lending firm prepares to compensate customers who lent digital assets to the company. Judge Sean Lane said Wednesday that he will approve Genesis' request to convert the shares into Bitcoin or cash, stating that the process will be supported by brokers and carried out in stages.