Genesis purchased 32,041 bitcoins to repay customers after selling GBTC

Genesis purchased 32,041 bitcoins using the proceeds from the completed sale of nearly 36 million Grayscale Bitcoin Trust shares.

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.

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