In the just-concluded Genesis Global Holdco LLC case, the U.S. Bankruptcy Court for the Southern District of New York has approved Genesis to begin redeeming 35 million shares of GBTC. The current price of GBTC is $46.22, and the total redemption is equivalent to $1,617,700,000 (approximately 31,290 #BTC).

It is said that the $1.3 billion is calculated based on yesterday's price.

These funds are intended to be used to repay users after liquidation. In addition to the $1.6 billion, Genesis will also sell 11 million shares of $ETHE, with a current unit price of $21.24, totaling $233,640,000 (approximately 85,270 #ETH).

Previously, Digital Currency Group wanted to delay this redemption, but today the court has ruled that the redemption can proceed. Therefore, it is possible that the redemption (sale) of GBTC may begin in batches as early as tonight.

Compared to $ETHE, which is not publicly available (spot ETF), and currently has a decent premium, there may be quite a few investors who are playing the conversion of ETHE to #Ethereum spot ETF, so the sale of ETHE may not have a significant impact on the price of #ETH.

However, the increased sale of GBTC may affect investors' emotions. The selling of GBTC may potentially return to five digits. If it is in the five digits, it may only take a week.

Docket: 23-10063

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