Genesis Sells GBTC shares to Acquire 32,041 Bitcoin
Genesis, a bankrupt crypto lender, completed the sale of GBTC shares on April 2, as per court documents filed recently. This sale was granted by a New York bankruptcy court on Feb. 14, allowing Genesis to sell not only GBTC shares but also shares in Grayscale Ethereum trusts. When Genesis first requested permission for this sale, the value of its GBTC shares was approximately $1.4 billion, with Grayscale Ethereum Trust shares valued at $165 million and Grayscale Ethereum Classic Trust shares at $38 million.
The Sale and Bankruptcy Protection
- Genesis filed for Chapter 11 bankruptcy protection in January 2023.
- The sale of GBTC shares is part of the bankruptcy proceedings to repay customers.
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Bitcoin Acquisition
- The amount of bitcoins purchased by Genesis is currently valued at over $2.17 billion.
- This acquisition will be used to repay customers affected by the bankruptcy.
Hot Take: Genesis Makes Big Move With Sale of GBTC Shares
UPDATED: April 6, 2024, 6:12AM EDT
