Gemini Trust: The bankruptcy court has authorized it to monetize the GBTC collateral it holds to return to Earn users

ChainCatcher news, Gemini Trust announced an update on social media stating that on February 14, Judge Lane approved the motion for Genesis to authorize the sale of trust assets.

According to the order approving the motion by the bankruptcy court, Gemini is authorized to begin monetizing its initial collateral (30,905,782 shares of GBTC) to return to Earn users. This is an important step that will facilitate the physical distribution to Earn users (i.e., returning the specific digital assets they lent to Earn users, rather than equivalent dollars or alternative cryptocurrencies).

Previously, Genesis obtained permission from the bankruptcy court to begin redeeming approximately 35 million shares of GBTC stock worth over $1.3 billion to compensate customers who lent their digital assets.