🗣️🔥BULLISH UPDATE :Genesis Acquires $2.1 Billion Worth of Bitcoin Amid GBTC Sell-Off
Bankrupt crypto lending firm Genesis has made a significant move in the crypto market, reportedly purchasing $2.1 billion worth of Bitcoin following the sell-off of its Grayscale Bitcoin Trust (GBTC) shares. As part of its efforts to pay back creditors, Genesis offloaded approximately 36 million GBTC shares to acquire 32,041 Bitcoin, as per a Bloomberg report.
The sale of GBTC shares, valued at approximately $58.50 per share at the time of liquidation, marks a significant development for Genesis as it seeks to navigate its bankruptcy proceedings. The company had previously obtained permission from a New York bankruptcy court to sell the GBTC shares, with the majority of proceeds remaining within the crypto space.
This substantial Bitcoin purchase serves as a testament to Genesis' ongoing efforts to meet its financial obligations and underscores the ongoing relevance and value of digital assets within the broader market landscape.
