Client insider & "expert" take
GBTC fees are 2%/year
Fees are charged to shareholders at 1% every semester. I'm not sure of the actual date but it's likely at the end of each semester.
This means that the next date is coming up.
Grayscale manages GBTC, and Grayscale, like Genesis, is a company under the DCG holding company of Barry Silbert. The price of the underlying Bitcoin in GBTC is actually almost 200% of the current price of the shares in the trust. This negative premium would evaporate if the SEC would approve the trust to ETF conversion, but the SEC chair (((Gary Gensler))), who is also caught up and under investigation in the FTX scandal denied the conversion. Hence, Grayscale suing the fuck out of the SEC for the last 6 months or so.
In any case, Genesis is solvent, but illiquid because of the FTX scandal. Actually it's actually only the isolated lending branch that has any issue. They're other desks are working fine. They are adamant about not filing bankruptcy and as of yesterday, claim that they'll need a couple more weeks to come up with a solution working with hired experts and 3-4 teams of the largest creditors.
Originally, they wanted to raise $1B, but then they lowered the ask to $500M. Assuming 1% of the about $20B AUM in GBTC (based on share price, not underlying asset price), by the end of the year, they should have ~$200M from fees that DCG might be able to loan or somehow shift over to Genesis lending.
Spitballing, but I'm only a half-wit.