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Home»ADOPTION NEWS»After selling GBTC, Genesis purchased 32,041 Bitcoin to repay customers.
ADOPTION NEWS

After selling GBTC, Genesis purchased 32,041 Bitcoin to repay customers.

By Crypto FlexsApril 6, 20242 Mins Read
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After selling GBTC, Genesis purchased 32,041 Bitcoin to repay customers.
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Posted 1 minute ago In ~

Updated: April 6, 2024, 6:12 AM EDT

Genesis purchased 32,041 Bitcoin using the proceeds from the completed sale of approximately 36 million Grayscale units. Bitcoin BTC

+1.05%
Trust the stocks.

The sale of GBTC stock under the Bloomberg Act was completed on April 2, according to court documents filed yesterday.

The New York Bankruptcy Court on February 14 granted Genesis permission to sell GBTC shares in addition to Grayscale Ethereum Trust shares. When the bankrupt cryptocurrency lender applied for that license, GBTC shares were worth nearly $1.4 billion, while Grayscale Ethereum Trust shares were worth $165 million. (Grayscale Ethereum Classic Trust shares were worth $38 million.)

Genesis filed for Chapter 11 bankruptcy protection in January 2023.

According to The Block’s Bitcoin price page, the amount of Bitcoin purchased amounts to more than $2.17 billion at current prices and will reportedly be used to repay customers.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

About the author

Adam is Editor-in-Chief for Europe, Middle East and Africa. He lives in Central Europe and is the editor-in-chief and podcast host at OKX Insights, the former research arm of cryptocurrency exchange OKX. Prior to that, he co-founded and served as Editor-in-Chief of BeInCrypto.com, growing it into one of the leading cryptocurrency media brands. He previously served as Editor-in-Chief of Bitcoinist.com. Before joining the blockchain and cryptocurrency industry, he worked at Looper.com, Grunge.com, and SVG.com. He tweets at @XBT002 and can be emailed at (email protected).
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