Reimbursing clients for #GBTC shares, Genesis invests over $2 billion on #Bitcoin acquisition.

In order to compensate its clients, crypto lender Genesis has redeemed Grayscale #BTC shares for 32,041 Bitcoins.

The sale of GBTC was finalized on April 2, according to a court document.

At a total cost of $65,685, Genesis has acquired Bitcoin.

An April 2 filing states that Genesis, an institutional cryptocurrency broker, must sell GBTC shares to reimburse clients. For more than $2.17 billion, the company bought 32,041 Bitcoins at an average price of $65,685.

Genesis will reimburse clients using Bitcoin.
The crypto lender was granted authorization by a bankruptcy court in New York to sell GBTC shares and repay consumers. Genesis will utilize the Bitcoin it acquires to repay its clients.

Late in February, Gemini and Genesis reached an in principle settlement. As part of the conditions of the settlement, Gemini agreed to pay out $1.8 billion to Earn customers who were impacted by Genesis's service.

In addition to the Grayscale Ethereum trust shares, Genesis also obtained authorization to sell the GBTC shares on February 14. These shares were worth around $1.4 billion while the application was being considered, whereas Grayscale's Ethereum shares were worth about $165 million.

For the purpose of covering the sale of roughly 36 million GBTC shares, the business has acquired 32,041 $BTC . According to Bloomberg Law, the information was disclosed in a court document. Genesis' first intention was to pay off Gemini Earn creditors using the tokens.