Gemini Earn Users Receive $2.18 Billion of Their Digital Assets in Kind — a 232% Recovery

Today, Earn users received $2.18 billion of their digital assets in kind. These initial distributions represent:

• 97% of digital assets owed to Earn users
• $1 billion more than when Genesis halted withdrawals
• A 232% recovery from when Genesis halted withdrawals

The notional dollar value of digital assets returned to Earn customers is based on digital asset prices as of May 28, 2024 at 10 am ET.

An Unprecedented Recovery

This represents an unprecedented recovery among crypto bankruptcies, as well as bankruptcies in general, and follows our previous announcement that we reached a settlement in principle with Genesis and other creditors in the Genesis Bankruptcy, which will result in all Earn users receiving 100% of their digital assets back in kind.

This means, for example, that if you had lent one bitcoin in the Earn program, you will receive one bitcoin back. And it means that you will receive any and all appreciation of your assets since you lent them into the Earn program.

In order to ensure this successful resolution, Gemini has also contributed $50 million to the Earn users’ recovery.

Today’s initial distributions represent approximately 97% of the digital assets in the Earn program. You can expect to receive your remaining asset balance within the next 12 months.

Moving Forward

We are thrilled that we have been able to achieve this recovery for you. We recognize the hardship caused by this lengthy process and appreciate your continued support and patience throughout this process.

Finally, it’s important to note that the Genesis bankruptcy was not a crypto problem. It was old-fashioned financial fraud compounded by a lack of regulatory clarity. To that end, we will continue to fight for clear rules and guidance for our industry that foster both innovation and consumer protection. And we will win this fight. The future is bright.

Onward and Upward,

Cameron + Tyler