Genesis Global’s plan accepted by all voting creditor classes

By Sarah Lizee

Olympia, Wash., Feb. 14 – Genesis Global Holdco, LLC detailed the voting results for its Chapter 11 plan of reorganization in a tabulation summary filed Tuesday with the U.S. Bankruptcy Court for the District of Delaware.

The results are as follows:

• Two holders of $2.76 million, or 100% in amount, of fiat- or stablecoin-denominated unsecured claims against Genesis Global Holdco, LLC voted to accept the plan;

• 94 holders, or 95.92% in number, of $901.38 million, or 99.9% in amount, of fiat- or stablecoin-denominated unsecured claims against Genesis Global Capital, LLC voted to accept the plan, while four holders, or 4.08% in number, of $886,864.66, or 0.1% in amount, voted to reject the plan;

• 76 holders, or 93.83% in number, of $1.05 billion, or 99.16% in amount, of Bitcoin-denominated unsecured claims against Genesis Global Capital voted to accept the plan, while five holders, or 6.17% in number, of $8.87 million, or 0.84% in amount, voted to reject the plan;

• 34 holders, or 91.89% in number, of $604.58 million, or 97.43% in amount, of Ethereum-denominated unsecured claims against Genesis Global Capital voted to accept the plan, while three holders, or 8.11% in number, of $15.93 million, or 2.57% in amount, voted to reject the plan;

• 22 holders, or 88% in number, of $52.41 million, or 88.76% in amount, of alt-coin-denominated unsecured claims against Genesis Global Capital voted to accept the plan, while three holders, or 12% in number, of $6.64 million, or 11.24% in amount, voted to reject the plan;

• 15,527 holders, or 82.32% in number, of $418.4 million, or 83.46% in amount, of Gemini lender claims against Genesis Global Capital voted to accept the plan, while 3,335 holders, or 17.68% in number, of $82.9 million, or 16.54% in amount, voted to reject the plan;

• Four holders of $46.02 million, or 100% in amount, of fiat- or stablecoin-denominated unsecured claims against Genesis Asia Pacific Pte. Ltd. voted to accept the plan;

• One holder of $46.02 million, or 100% in amount, of Bitcoin-denominated unsecured claims against Genesis Asia Pacific voted to accept the plan; and

• One holder of $3.61 million, or 100% in amount, of alt-coin-denominated unsecured claims against Genesis Asia Pacific voted to accept the plan.

Genesis noted that none of the creditors in the following classes voted on the plan: Bitcoin‐denominated unsecured claims against Genesis Global Holdco, Ethereum-denominated unsecured claims against Genesis Global Holdco, alt-coin-denominated unsecured claims against Genesis Global Holdco and Ethereum-denominated unsecured claims against Genesis Asia Pacific.

The plan hearing is set for Feb. 26.

Genesis Global is a New York-based cryptocurrency lender that filed bankruptcy in the U.S. Bankruptcy Court for the Southern District of New York on Jan. 19, 2023 under Chapter 11 case number 23-10063.

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