Genesis purchases $2.1B of Bitcoin following GBTC sell-off

The significant Bitcoin purchase comes after Coinbase declared that the majority of the proceeds from the GBTC sell-off would “remain within the crypto ecosystem.”

Bankrupt crypto lending firm Genesis reportedly offloaded about 36 million shares of Grayscale Bitcoin Trust (GBTC) to acquire additional Bitcoin

BTC

tickers down

$67,978

as part of its preparations to settle its debts with creditors.

According to a recent Bloomberg report, Genesis liquidated approximately 36 million GBTC shares on April 2, valued at approximately $58.50 per share at that time.

The share price has climbed by approximately 50% since Genesis initially sought permission from the U.S. bankruptcy court to sell the 36 million GBTC shares on Feb. 2, when the shares were at $38.50.

The total sale amount came to $2.1 billion which allowed the purchase of 32,041 Bitcoin on April 2, at the price of $65,685.