Genesis Completes Redemption of GBTC Shares, Buys 32K Bitcoins with Proceeds
Summary
Bankrupt cryptocurrency lender Genesis has sold its Grayscale Bitcoin Trust (GBTC) shares and used the proceeds to buy 32,041 bitcoins. The sale of GBTC shares was completed on April 2. Genesis had received permission from a New York bankruptcy court on February 15 to sell nearly 36 million shares in GBTC, as well as additional shares in two Grayscale Ethereum trusts. The Grayscale shares were collectively valued at $1.6 billion at the time of the application. The bitcoins purchased with the GBTC share proceeds are now worth nearly $2.2 billion. Genesis plans to distribute the bitcoins to its Gemini Earn creditors.
