Genesis sells its GBTC stake and buys 32,000 Bitcoin (BTC)

Genesis, a bankrupt moneylender, has completed the redemption of its Grayscale Bitcoin Trust (GBTC) shares, buying 32,041 bitcoins (equivalent to $2.2 billion) and proceeds.

Genesis completes sale of its GBTC shares

Genesis Global Holdco LLCa crypto lender that went bankrupt after FTX, seems to have completed the sale of its shares of Grayscale Bitcoin Trust (GBTC).

This operation is about agreement obtained from the bankruptcy court mid-February 2024, in order to continue paying compensation to its creditors.

In practice, permission granted the sale of nearly 36 million GBTC shares, as well as other shares of two Grayscale Ethereum deposits.

The value estimated by Genesis lawyers was around $1.4 billion in GBTC, $165 million in Grayscale Ethereum Trust and $38 million in Grayscale Ethereum Classic Trust. This represents a total stock turnover of nearly $1.6 billion.

Based on what informationTherefore, the defaulting lender would have completed the sale of GBTC shares on April 2.

With the proceeds of these sales, Then, Genesis bought 32,041 Bitcoin (BTC)for the equivalent value of 2.2 billion dollars.

Genesis Is Redeeming Its GBTC Shares and Buying Bitcoin: What Are the Plans Now?

The purchase of 32,041 BTC by Genesis, together with the proceeds of the full sale of its GBTC shares, was calculated at a bitcoin price equal to $67,500. So that’s about it 2.2 billion dollars.

For now, it seems so The startup must first commit to paying compensation to Gemini Earn’s creditorsgiving them the signs they deserve.

And indeed, since the collapse of the crypto broker, Gemini was also among those affected which, in May 2023, he had threatened to sue Genesis for not paying 630 million dollars.

Not only that, the crypto lender had come to have a Gemini customers owe more than $900 million.

BTC share price

When the account of bitcoins purchased by Genesis and the income from the sale of GBTC shares was realized at a price of BTC equal to $ 67,500, the situation is now a little different.

And indeed, if you look at the current graph, Bitcoin (BTC) is up +5% compared to the last 24 hours, back to its historical peak levels. At the time of writing, BTC value 72.688 $.

Not only that, in the last 24 hours, BTC trading volume also increased by +63%.

Obviously, too BTC share price he stood up, now he found himself on top 1,430 billion dollars.