{"id":12244,"date":"2024-02-15T10:30:57","date_gmt":"2024-02-15T10:30:57","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=12244"},"modified":"2024-02-15T09:33:40","modified_gmt":"2024-02-15T09:33:40","slug":"genesis-receives-approval-to-sell-bitcoin-worth-1-3-billion","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/genesis-receives-approval-to-sell-bitcoin-worth-1-3-billion\/","title":{"rendered":"Genesis Receives Approval to Sell Bitcoin Worth 1.3 Billion!"},"content":{"rendered":"<p>In 2022, the long-awaited approval for <strong>Genesis<\/strong>, the company that declared its bankruptcy, came through. Earlier this month, the company had requested approval from the court for the sale of GBTC(Grayscale Bitcoin).<\/p>\n<blockquote><p>You may be interested: <a href=\"https:\/\/coinengineer.net\/blog\/genesis-seeks-bankruptcy-court-approval-to-sell-gbtc\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><em><strong>Genesis Seeks Bankruptcy Court Approval to Sell GBTC<\/strong><\/em><\/span><\/a><\/p><\/blockquote>\n<p>Judge <strong>Sean Lane<\/strong> granted the awaited approval. Genesis can sell <strong><em>35 million GBTC valued at 1.3 billion<\/em><\/strong>. This increases concerns about selling pressure on Bitcoin.<\/p>\n<p>Also, Genesis is considering selling a Grayscale <strong>Ethereum<\/strong> fund worth <strong>200 million dollars<\/strong>.<\/p>\n<p>As it is known, the <strong>SEC<\/strong> had approved a spot Bitcoin ETF on January 10th. After the approval came, companies started selling <strong>GBTC<\/strong> shares to make a profit. This had a negative impact on the market. So far, sales of approximately <strong>6 billion dollars<\/strong> have been observed. Lastly, GBTC share sales came from <strong>FTX<\/strong>. This was worth roughly <strong>1.5 billion dollars.<\/strong><\/p>\n<p>The possibility that Genesis, like similar cases, might sell its own <strong>GBTC<\/strong> worth 1.3 billion dollars, is the cause of concerns.<\/p>\n<hr \/>\n<p data-sourcepos=\"15:1-15:211\"><em>Also, in the comment section, you can freely share your comments and opinions about the topic. Additionally, don\u2019t forget to follow us on\u00a0<a href=\"https:\/\/t.me\/coinengineernews\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Telegram<\/strong><\/a>,\u00a0<a href=\"https:\/\/www.youtube.com\/@CoinEngineer\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>YouTube<\/strong><\/a>\u00a0and\u00a0<a href=\"https:\/\/twitter.com\/coinengineers\"><strong>Twitter<\/strong><\/a>\u00a0for the latest news and updates.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2022, the long-awaited approval for Genesis, the company that declared its bankruptcy, came through. Earlier this month, the company had requested approval from the court for the sale of GBTC(Grayscale Bitcoin). You may be interested: Genesis Seeks Bankruptcy Court Approval to Sell GBTC Judge Sean Lane granted the awaited approval. Genesis can sell 35<\/p>\n","protected":false},"author":1,"featured_media":12243,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9,2],"tags":[105,496,2093,1106,1096],"class_list":["post-12244","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","category-news","tag-ethereum","tag-ftx","tag-gbtc","tag-genesis","tag-grayscale"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Genesis Receives Approval to Sell Bitcoin Worth 1.3 Billion! - Coin Engineer<\/title>\n<meta name=\"description\" content=\"Genesis came through. 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