Riding The Wave News Summary 214
Bankrupt crypto lender Genesis seeks approval to sell $1.6B of trust assets, Russia’s Sberbank Launches Digital Assets, NFT Offerings for Retail Investors, & more.
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Table of Contents
Tweets
Bankrupt crypto lender Genesis seeks approval to sell $1.6B of trust assets
Russia’s Sberbank Launches Digital Assets, NFT Offerings for Retail Investors
The U.S. Government Seems to Be Closing in on Bitcoin Mining
Bitcoin faces ‘sell the news event’ before 2024 BTC price all-time high
Tweets
https://twitter.com/KobeissiLetter/status/1753786072482381925
https://twitter.com/KobeissiLetter/status/1753814339402780710
https://twitter.com/MatthewHyland_/status/1753962541749870922
Bankrupt crypto lender Genesis seeks approval to sell $1.6B of trust assets
Bankrupt crypto lending firm Genesis Global Capital has requested a United States Bankruptcy Court for permission to liquidate shares in the Grayscale Bitcoin Trust (GBTC), Grayscale Ethereum Trust (ETHE) and Grayscale Ethereum Classic Trust (ETCG), totaling approximately $1.6 billion.
In a recent court filing, Genesis emphasized the urgency of obtaining approval to sell the trust assets ahead of any potential fluctuations in the prices of the underlying assets, which are Bitcoin, Ether and Ethereum Classic . Genesis stated that the aim is to maximize the funds available for distribution to creditors.
“Both the Debtors and Gemini shall, on a good faith basis, use reasonable best efforts to maximize the market price of any Trust Assets or Initial GBTC Shares and the proceeds received from any sale thereof or any redemption thereof,” the filing stated.
Russia’s Sberbank Launches Digital Assets, NFT Offerings for Retail Investors
Sberbank, Russia’s biggest bank, announced the launch of a digital financial asset and NFT trading platform.
On February 2, Sberbank explained that its “digital financial assets (DFAs) platform” was open to “all individuals.”
The bank added that “qualified investors” can also invest in a blockchain-powered “asset” pegged to the average cost of residential real estate in Moscow.
This token will track the value of the Sberbank Digital Square Meter Index (SBERDSMI), hosted on the Sberbank CIB Index portal.
The bank explained that it would offer access to this coin until February 15, and that it was “scheduled to mature between December 11 to December 16, 2026.”
While the Sberbank “real estate” digital asset is not a cryptoasset in name, it appears to come pretty close in nature.
It may be closer, however, to a form of blockchain-powered digital bond or security. Sberbank explained that “investors” would “have the opportunity to sell the DFA to the issuer before maturity.”
The U.S. Government Seems to Be Closing in on Bitcoin Mining
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