Genesis Completes GBTC Conversion, Retrieves 32,000 Bitcoin

According to the announcement from the bankrupt cryptocurrency company Genesis, they have completed the conversion process from GBTC to Bitcoin, with the amount of Bitcoin recovered reaching 32,000.

The bankrupt crypto lending firm Genesis has converted approximately 36 million shares of the Grayscale Bitcoin Trust (GBTC) into Bitcoin as part of its preparations to settle debts with creditors.

According to a recent Bloomberg report, the company liquidated the GBTC shares on April 2, at a value of around $58.50 per share at that time. Notably, the GBTC share price has surged by approximately 50% since Genesis initially sought permission from the U.S. bankruptcy court to sell