{"id":498212,"date":"2022-10-04T18:30:00","date_gmt":"2022-10-04T15:30:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/grayscale-bitcoin-trust-terminates-material-agreements-with-genesis\/"},"modified":"2022-10-04T18:30:00","modified_gmt":"2022-10-04T15:30:00","slug":"grayscale-bitcoin-trust-terminates-material-agreements-with-genesis","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/grayscale-bitcoin-trust-terminates-material-agreements-with-genesis\/","title":{"rendered":"# Grayscale Bitcoin Trust terminates material agreements with Genesis"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a284f2851c9b\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a284f2851c9b\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/grayscale-bitcoin-trust-terminates-material-agreements-with-genesis\/#%E2%80%9D_Grayscale_Bitcoin_Trust_terminates_material_agreements_with_Genesis_%E2%80%9C\" >&#8221; Grayscale Bitcoin Trust terminates material agreements with Genesis  &#8220;<\/a><\/li><\/ul><\/nav><\/div>\n<h1><span class=\"ez-toc-section\" id=\"%E2%80%9D_Grayscale_Bitcoin_Trust_terminates_material_agreements_with_Genesis_%E2%80%9C\"><\/span>&#8221; Grayscale Bitcoin Trust terminates material agreements with Genesis  &#8220;<span class=\"ez-toc-section-end\"><\/span><\/h1>\n<p><img decoding=\"async\" src=\"https:\/\/images.cointelegraph.com\/images\/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvMTFkMThkN2EtY2UyYS00NmY1LWEwZTUtZDk5MmVmMTQ3OTIzLmpwZw==.jpg\" \/><\/p>\n<div class=\"post-content\" data-v-6ebd806f><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/ix?doc=\/Archives\/edgar\/data\/1588489\/000095017022019165\/gbtc-20221003.htm\">According<\/a> to a recent filing with the U.S. Securities and Exchange Commission (SEC), Grayscale Bitcoin Trust has terminated two agreements with cryptocurrency broker Genesis.<\/p>\n<p> First, Genesis will no longer assist Grayscale in the distribution and marketing of the latter&#8217;s shares. Second, from Oct. 3 onwards, Genesis will no longer be an authorized participant of the trust but will continue to serve as a liquidity provider for Grayscale. The two agreements previously came into effect in 2019.\u00a0<\/p>\n<p>The aforementioned responsibilities have since transferred to Grayscale Securities LLC, a wholly-owned subsidiary of Grayscale Investments LLC and an affiliate of Grayscale Bitcoin Trust. In the past, Genesis helped Grayscale market the Trust on <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">social media<\/a> and transfer digital assets to create Trust shares.<\/p>\n<p>However, it <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears that Genesis may have fallen on tough times as part of the ongoing crypto winter. Last week, Genesis director Matthew Ballensweig announced that he was stepping down and moving into an advisory role. In August, Genesis&#8217; CEO Michael Moro also resigned, whereas the firm cut its workforce by 20% to reduce costs. Previously, Moro confirmed that Genesis&#8217; funds were exposed to defunct cryptocurrency hedge fund Three Arrows Genesis&#8217; parent company Digital Currency Group was forced to intervene and helped plug some of the losses.\u00a0<\/p>\n<p>Grayscale attempted this year to convert its Bitcoin Trust to an exchange-traded fund from being traded on the over-the-counter markets. However, its application was denied by the SEC because the proposal failed to demonstrate how it was &#8220;designed to prevent fraudulent and manipulative acts and practices.&#8221;<\/p>\n<p>In response, Grayscale\u2019s CEO Michael Sonnenshein filed a lawsuit against the SEC, citing &#8220;failing to apply consistent treatment to similar investment vehicles&#8221; when it rejected the Grayscale Bitcoin Trust listing application. In part due to perceived litigation risks, GBTC shares have consistently <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/ycharts.com\/charts\/fund_chart_creator\/fool\/?calcs=&amp;securities=&amp;startDate=&amp;endDate=&amp;zoom=1&amp;chartView=&amp;title=&amp;note=&amp;partner=fool_590&amp;format=real&amp;recessions=false&amp;units=false&amp;source=false&amp;liveData=false&amp;quoteLegend=true#\/?annotations=&amp;annualizedReturns=false&amp;calcs=id:discount_or_premium_to_nav,include:true,,&amp;correlations=&amp;dateSelection=range&amp;displayDateRange=&amp;displayTicker=false&amp;endDate=&amp;format=real&amp;legendOnChart=false&amp;note=&amp;partner=fool_720&amp;quoteLegend=false&amp;recessions=false&amp;scaleType=linear&amp;securities=id:GBTC,include:true,type:security,,&amp;securityGroup=&amp;securitylistName=&amp;securitylistSecurityId=&amp;source=false&amp;splitType=single&amp;startDate=&amp;title=&amp;units=false&amp;useEstimates=false&amp;zoom=3&amp;chartAnnotations=&amp;chartType=&amp;chartId=&amp;nameInLegend=name_and_ticker&amp;useCustomColors=false\">traded<\/a> below the value of Bitcoin spot price since 2021, with the discount reaching 35%, a new all-time high at the time of publication.\u00a0<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"crypto_biz\"><\/template>\n<\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/grayscale-bitcoin-trust-terminates-material-agreements-with-genesis\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8221; Grayscale Bitcoin Trust terminates material agreements with Genesis &#8220; According to a recent filing with the U.S. Securities and Exchange Commission (SEC), Grayscale Bitcoin Trust has terminated two agreements with cryptocurrency broker Genesis. First, Genesis will no longer assist Grayscale in the distribution and marketing of the latter&#8217;s shares. Second, from Oct. 3 onwards,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":498213,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjItMTAvMTFkMThkN2EtY2UyYS00NmY1LWEwZTUtZDk5MmVmMTQ3OTIzLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74894,74863,75849,117],"class_list":["post-498212","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-blockchain","tag-cryptocurrencies","tag-etf","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/498212","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=498212"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/498212\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/498213"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=498212"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=498212"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=498212"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}