Genesis Completes Redemption of GBTC Shares, Buys 32K Bitcoins with Proceeds

Bankrupt
crypto
lender
Genesis
has
completed
the
sale
of
its
Grayscale
Bitcoin
Trust
(GBTC)
shares
and
used
the
proceeds
to
purchase
32,041
bitcoins,
according
to
court
documents
filed
Friday.

The
sale
of
GBTC
shares
was
completed
on
April
2,
the
documents
show.

On
Feb.
15,
Genesis
received
permission
from
a
New
York
bankruptcy
court
to
sell
the
nearly
36
million
shares
in
GBTC,
as
well
as
additional
shares
in
two
Grayscale
Ethereum
trusts.
At
the
time
of
the
application,
lawyers
for
the
estate

valued
the
Grayscale
shares
at
a
collective
$1.6
billion
–
nearly
$1.4
billion
in
GBTC,
$165
million
in
Grayscale
Ethereum
Trust,
and
$38
million
in
Grayscale
Ethereum
Classic
Trust.

At
today’s
price
of
around
$67,500,
the
bitcoin
purchased
with
the
proceeds
of
the
GBTC
shares
alone
are
worth
nearly
$2.2
billion.
As
for
what
Genesis
will
do
with
its
large
bitcoin
stack,
initial
plans
are
for
the
tokens
to
be
distributed
to
its
Gemini
Earn
creditors.