Genesis buys 32,041 bitcoins to repay customers! 🚀📈

Genesis buys 32,041 bitcoins to repay customers! 🚀📈

By Theon Barrett Apr 6, 202451Views

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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.

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

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#Bankruptcy bitcoin bitcoins crypto ethereum genesis theblock.co

Theon Barrett

Theon Barrett shines as a distinguished crypto analyst, accomplished researcher, and skilled editor, making significant strides in the field of cryptocurrency. With an astute analytical approach, Theon brings clarity to intricate crypto landscapes, offering insights that resonate with a broad audience. His research prowess goes hand in hand with his editorial finesse, allowing him to distill complex information into accessible formats. Theon's work serves as a guiding light for both experienced enthusiasts and newcomers, providing well-researched perspectives that empower informed decision-making in the ever-evolving realm of cryptocurrencies.

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Genesis buys 32,041 bitcoins to repay customers! 🚀📈