Genesis Global Receives Court Approval to Sell $1.6B Worth of Grayscale Shares
Genesis now has legal approval to sell $1.6 billion in Grayscale shares, including GBTC and ETHE, even though DCG disagrees.
Genesis now has legal approval to sell $1.6 billion in Grayscale shares, including GBTC and ETHE, even though DCG disagrees.
Initially submitted on October 2, 2023, the proposal aims to convert the Grayscale Ethereum Trust, the largest Ethereum investment vehicle globally, into an ETF.
If approved, the move marks a significant step towards providing investors with transparent and regulated access to crypto within familiar product structures.
Along with the Ethereum Trust, several other Grayscale products are trading at steep discounts recently as parent firm DCG is grappling with liquidity issues.
With the uncertainty in the current investment ecosystem, Wealthfront says it is set to offer its customers an expert-backed recommended portfolio.
ETHE shares started to plummet on December 24, when it lost over 18% within 24 hours while Ether had seen a drop of just 3% within the same period.
The latest decision of splitting the ETHE shares comes on the heels of improving its market liquidity and promote higher investor participation. The Grayscale Ethereum Trust (ETHE) holds more than $1.6 billion worth of assets under management.
Coinbase Wallet lead Sid Coelho-Prabhu has announced via the Coinbase blog that users will have the possibility to lend crypto and earn interest.
Under the approval from FINRA, Grayscale’s Ethereum Trust (ETHE) will be available for retail investors which is a positive sign for the entire industry.