Genesis purchased 32,041 bitcoins to repay customers after selling GBTC shares
Bankrupt crypto lender Genesis purchased 32,041 bitcoins.It sold nearly 36 million Grayscale Bitcoin Trust shares.The bitcoins will be used to repay customers.
According to court documents filed yesterday, the sale of GBTC shares was completed on April 2, per Bloomberg Law.
A New York bankruptcy court granted Genesis permission to sell the GBTC shares — in addition to shares in Grayscale Ethereum trusts — on Feb. 14. When the bankrupt crypto lender applied for said permission, its GBTC shares were valued at nearly $1.4 billion, and its Grayscale Ethereum Trust shares were valued at $165 million. (Its Grayscale Ethereum Classic Trust shares were valued at $38 million.)
Genesis filed for Chapter 11 bankruptcy protection in January 2023.
The amount of purchased bitcoins is worth more than $2.17 billion at current prices, according to The Block's Bitcoin Price Page — and will reportedly be used to repay customers.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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