Gemini is suing Genesis in GBTC collateral dispute

📆 10/27/2023 8:14 PM
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A twist of the knife in the already soured relationship between DCG's Genesis and the Winklevoss' crypto exchange involves a dispute over Grayscale's bitcoin trust shares

Tyler Winklevoss, co-founder and chief executive officer of Gemini, left, with his brother Cameron Winklevoss. Photographer: Joseph Nair/Bloomberg via Getty Images: Gemini, the exchange owned by Tyler and Cameron Winklevoss, sued bankrupt lender and former partner Genesis on Friday, asking the court to determine the rightful owner of GBTC shares that are now worth some $1.6 billion.

Genesis, as part of an agreement, pledged 30.

By the numbers: The price of GBTC has drawn closer to the value of its underlying bitcoin, a discount of around 15% from the 45% gap in January.: Genesis wants to sell the additional 31.1 million GBTC shares and distribute the proceeds to their other unsecured creditors, which Gemini opposes. Gemini says the two parties have been trying to seek a resolution over the entirety of Genesis' Chapter 11 case that started in January.Share on twitter

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