Genesis Buys $2.1b of Bitcoin After Selling 36m
GBTC Shares
Troubled crypto lending firm Genesis has reportedly bought $2.1 billion worth of Bitcoin (BTC) after
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selling off approximately 36 million shares of the Grayscale Bitcoin Trust (GBTC).
According to a Bloomberg Law report citing court documents filed on April 5, Genesis sold 36 million of its GBTC shares and used the proceeds to buy 32,041 Bitcoins, which it hopes to use to repay creditors.
Genesis purchases $2.1B of Bitcoin following GBTC sell-offBankrupt crypto lending firm Genesis reportedly sold 36 million GBTC shares to purchase 32,041 Bitcoin as part of its efforts to pay back creditors.
— Minerium (@MineriumUS) April 6, 2024
The New York bankruptcy court authorized the decision to sell the GBTC shares on Feb. 14, alongside shares from Grayscale Ethereum (ETH) trusts. Genesis initially sought permission when the GBTC shares were valued at nearly $1.4 billion.
Similarly, its shares in Grayscale Ethereum Trust were valued at $165 million, and its Grayscale Ethereum Classic Trust shares were valued at $38 million.
These valuations have changed significantly with the recent surge in Bitcoin prices. At the current Bitcoin price of around $68,000, the coins purchased with the proceeds from the GBTC shares alone are now worth nearly $2.2 billion
