Genesis Completes Redemption of GBTC Shares, Acquires 32k BTC
Genesis Global Holdco LLC, the bankrupt crypto lender, has successfully completed the redemption of its Grayscale Bitcoin Trust (GBTC) shares.
- This followed a court approval in February 2024 for compensating creditors.
- Genesis was allowed to sell nearly 36 million GBTC shares and shares from two Grayscale Ethereum trusts.
- The estimated total value of the share sale was around $1.6 billion.
- Genesis sold its GBTC shares on April 2nd and purchased 32,041 BTC with the sale proceeds.
Genesis’s Plans Post-Redemption of GBTC Shares and BTC Purchase
Genesis bought 32,041 BTC at $67,500 per coin with the proceeds from selling its GBTC shares, amounting to $2.2 billion.
- The lender must prioritize compensating Gemini Earn’s creditors.
- Gemini had threatened legal action against Genesis for non-payment of $630 million following the lender’s collapse.
- Genesis also owed Gemini customers over $900 million.
Current BTC Price and Market Trends
Despite purchasing BTC at $67,500, the current BTC price is $72,688, marking a 5% increase from 24 hours ago.
- The trading volume of BTC has surged by 63% in the last 24 hours.
- The market cap of BTC now exceeds $1.430 billion.
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