Gemini Earn Users Get $2.18B in Digital Assets, Representing 232% Recovery

Gemini has announced that its customers of its Gemini Earn program have received $2.18 billion worth of digital assets.

Customers of cryptocurrency exchange Gemini who participated in its Gemini Earn program have received a total of $2.18 billion in digital assets, the exchange announced on Monday.

The distribution is in kind and represents a 232% recovery for Earn users, Gemini co-founder and CEO Tyler Winklevoss and co-founder and President Cameron Winklevoss said in a news release.

“This marks a major milestone in our efforts to return Earn user funds,” the Winklevoss twins said.

“We are pleased to announce that customers will begin receiving any and all appreciation of their digital assets from the date they were lent into the Gemini Earn program.”

The payment is part of a broader payout to creditors of Genesis Global Holdco, the bankrupt parent company of crypto lender Genesis.

On March 2, a U.S. bankruptcy judge approved Genesis Global’s chapter 11 wind-down plan, paving the way for the distribution of assets to creditors.

As earlier reported by Blockworks, the payout will see Genesis creditors receive a slice of the available cash, with some set to get nearly all of their digital assets back.

The payout is being made through the Genesis Global Holdco chapter 11 bankruptcy trust, which will distribute the assets.

Blockworks also reported that Genesis creditors will receive varying percentages of their cash and digital assets claims, depending on the type of debt.

Those holding secured cash claims will be paid in full, while holders of unsecured cash claims will get a pro rata slice of the available cash.

Meanwhile, holders of digital asset claims will be paid in full to the extent of the available digital assets, with any remaining claims being converted into an equity interest in the reorganized Genesis Global Holdco.

Those with both cash and digital asset claims will be paid in full for their cash claims and then participate in the digital asset distribution.