- Bankruptcy-bound crypto lending company Genesis is preparing to sell altcoins.
- Genesis Trading has deposited $33.67 million worth of altcoins to Gemini.
- The sale is expected to occur over time through bots to avoid market dumping.
Genesis, a crypto lending company on the brink of bankruptcy, is gearing up to sell its altcoin holdings, with a recent deposit of $33.67 million worth of altcoins into Gemini.
Genesis Prepares for Altcoin Sale
Genesis, a crypto lending company facing bankruptcy, is reportedly preparing to liquidate its altcoin holdings. According to a post by Lookonchain, Genesis Trading has deposited $33.67 million worth of altcoins into Gemini within a day. The transfer included over 30 different altcoins, indicating a significant move by the company.
Details of the Altcoin Transfer
The altcoins transferred were listed as follows:
- 16.4 million GRT ($4.69 million)
- 396 million AMP ($2.94 million)
- 123,000 INJ ($2.93 million)
- 32,331 AAVE ($2.88 million)
- 970 PAXG ($2.26 million)
- 9.19 million BAT ($2.25 million)
In addition to these, popular altcoins like CRV, APE, LINK, and SUSHI were also included in the transfer.
Genesis’s Current Crypto Holdings
Lookonchain also listed the cryptocurrencies currently held by Genesis. These include Bitcoin (BTC), Ethereum (ETH), Compound (COMP), Avalanche (AVAX), SHIB, RNDR, MKR, and others. The total value of Genesis’s current holdings is estimated at $2.41 billion.
Expected Sale Strategy
The sale of these altcoins is expected to be staggered over time, facilitated by bots, in order to prevent a market dump. This strategy is commonly used by large-scale traders to avoid causing a sudden drop in the market price of the assets being sold.
Conclusion
As Genesis prepares to sell its altcoin holdings, the crypto market could see some fluctuations. However, the company’s strategy to stagger the sales should help mitigate any potential negative impacts. This development underscores the volatile nature of the crypto market and the importance of risk management in crypto trading.
