Crypto platform Gemini Trust Co. is suing bankrupt crypto lender Genesis Global Holdco LLC in an attempt to determine who rightfully owns a slug of shares in the Grayscale Bitcoin Trust now worth nearly $1.6 billion.
In a bankruptcy-court lawsuit filed Friday, Gemini asked a federal judge to find that Genesis has no right to more than 60 million GBTC shares promised as collateral to users of Gemini’s Earn product. The shares at issue — most of which are still held by Genesis or its affiliates — should not be used to repay other Genesis creditors, the company argues.
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