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%
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.
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