Bitcoin: Genesis buys 32,041 BTC to pay its customers

Completion of the sale. Shortly after the Court’s agreement, Genesis sold 36 million shares of the GBTC fund as scheduled late last week to begin paying its customers. After a mandatory $21 million settlement with the SEC, Genesis continues to improve its situation and is slowly moving towards the end of the conflict after more than a year of difficult procedures between its partner Gemini and its parent company Digital Currency Group (DCG). Hopefully, customers can be refunded quickly so that we can open the page immediately on the collapse of FTX and Three Arrows Capital, and finally move on.

As expected, Genesis sold its stake in Grayscale’s GBTC…

On February 14, the judge in charge of the case Genesis bankruptcy therefore it had authorized the platform to sell the 36 million shares it had in the GBTC fund. This at the same time has been a Spot Bitcoin ETF but this does not change much for those involved who decided to pocket to prepare for the repayment of creditors and customers of the crypto lender.

The unit price was 58,50 dollars time to sell, either 2.1 billion dollars in total and this sum made it possible to get 32 041 bitcoins at an average price of 65 685 dollars. Interestingly, at the time of the court agreement last month, GBTC’s share price was fair 38,50 dollars and that the recent increase in the price of Bitcoin has thus made Genesis management earn more money than expected.

…to buy more and more bitcoins and keep paying customers

We still don’t know if these properties will be sold immediately to bring new money into the coffers or if they will be kept. When asked if their sudden sales can market volatilityA Coinbase representative wanted to reassure worried viewers:

“The sale is not expected to have a broad impact on the crypto market. Our opinion is that the majority of these funds will remain in the ecosystem, contributing to a neutral impact on the market. »

Coinbase Representative – Source: Cointelegraph

So the Genesis file seems to be on the right track, even the latest information from DCG shows that the current repayment plan approved by the court is not happy with the management of the parent company. The latter believe that a small group of claimants are benefiting and the claim was filed in court on February 21. So maybe the story is not completely over …