Gemini sues Genesis over $1.6 billion Bitcoin trust shares

ChainCatcher news, according to Bloomberg, Gemini Trust Co. is suing Genesis Global Holdco LLC, trying to determine the ownership of nearly $1.6 billion worth of shares in the Grayscale Bitcoin Trust.

In a bankruptcy court filing submitted on Friday, Gemini is asking a federal judge to rule that Genesis is not entitled to over 60 million shares of GBTC stock, which are collateral for users of the Gemini Earn product. The company believes that these shares (most of which are still held by Genesis or its subsidiaries) should not be used to repay other creditors of Genesis.