Coinbase: Genesis’ approval to sell its GBTC shares won’t disrupt crypto market

Coinbase believes Genesis’ approval to sell its GBTC shares will not disrupt the crypto market. Coinbase said in its weekly report that while it is unclear where the additional GBTC outflows will go (whether to other spot Bitcoin ETFs or directly into Bitcoin to repay creditors), the company believes that these funds may stay in the cryptocurrency ecosystem. system, thus having a neutral overall impact on the market. On February 14, a bankruptcy judge gave Genesis permission to liquidate approximately $1.3 billion worth of GBTC as part of its efforts to repay creditors. (Cointelegraph)