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 in November 2022
• A 232% recovery from when Genesis halted withdrawals in November 2022

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.

The Earn program was an optional crypto lending program through which Gemini customers could lend funds to Genesis, a third-party borrower. After Genesis halted redemptions in November 2022 and filed for bankruptcy in January 2023, approximately 232,000 Earn users lost access to the digital assets they had lent to Genesis. At the time, these digital assets were worth approximately $940 million.

This represents an unprecedented recovery among crypto bankruptcies, as well as bankruptcies in general, and follows Gemini’s previous announcement that it 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 a customer lent one bitcoin in the Earn program, they will receive one bitcoin back. This ensures that customers will benefit from any and all appreciation of their digital assets since they lent them into the Earn program.

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

“We are thrilled that we have been able to achieve this recovery for our customers. We recognize the hardship caused by this lengthy process and appreciate our customers’ continued support and patience throughout,” said Cameron Winklevoss, Co-Founder and President of Gemini.