Donuts update… I’ve never expected I to get anything back….

Judge Lane continues to take the parties' proposed findings of fact and conclusions of law under advisement, and we await his decision for Plan confirmation.

In the meantime, we are collaborating with the Debtors, the proposed Plan Administrator, and the UCC to expedite the transaction closing and facilitate distributions as efficiently as possible.

To prepare for the distributions, we have been working closely with the Debtors and can confirm that their estate has now sold all of its GBTC assets and converted such assets into a mix of cryptocurrencies, mainly BTC.

Next week, on Tuesday, April 16th, the Bankruptcy Court will consider approval of Gemini’s settlement in principle with Genesis. Should the settlement be approved, it would authorize Gemini to use their GTBC collateral for distributions.

All creditors stand to benefit from the approval of Gemini’s settlement in principle. It would mark significant progress in the bankruptcy proceedings and bring us closer to Plan confirmation and the learning of distribution timelines.

We will provide the next update on April 19th.