Genesis has filed a new motion with the court seeking authorization to sell approximately $1.6 billion of trust assets

Genesis Global Capital has submitted a new motion to the US Bankruptcy Court in the Southern District of New York seeking authorization to sell approximately $1.6 billion in trust assets.

According to the filing, assets held by Genesis, a subsidiary of Digital Currency Group, include shares of the Grayscale Bitcoin Trust worth approximately $1.4 billion, shares of the Grayscale Ethereum Trust worth approximately $165 million, and shares of the Grayscale Ethereum Classic Trust worth approximately $38 million.

The company also submitted a separate motion seeking to shorten relevant deadlines to facilitate consideration of the sale motion at the next hearing on February 8 (Thursday). The company is also seeking legal claim to an additional 31,180,804 shares (worth approximately $1.2 billion) that were pledged to Gemini but never transferred; ownership of these shares is currently an unresolved issue before the court.