Crypto exchange Gemini says bankrupt Genesis moves to authorize sale of trust assets

A man walks past the logo of Gemini Trust, a digital currency exchange and custodian, during the Bitcoin Conference 2022 in Miami Beach, Florida, U.S. April 6, 2022. REUTERS/Marco Bello/File Photo

(Reuters) - Cryptocurrency exchange Gemini Trust Co said on Saturday that crypto lender Genesis has filed a motion in U.S. Bankruptcy Court authorizing a sale of trust assets and seeking authorization to monetize its interests in two Grayscale Ethereum trusts, securities that provide investors exposure to cryptocurrency.

The motion filed by Genesis late on Friday seeks authority for Gemini to monetize the initial collateral of 30,905,782 shares of Grayscale Bitcoin Trust, Gemini said.