Genesis acquires $2.1B worth of Bitcoin after GBTC sell-off.

Genesis, a bankrupt crypto lending firm, reportedly sold around 36 million shares of Grayscale Bitcoin Trust (GBTC) in order to acquire more Bitcoin (BTC) and settle its debts with creditors. According to Bloomberg, the shares were sold on April 2 at a value of approximately $58.50 per share. The share price has since increased by about 50% from the initial sale request in February, when the shares were priced at $38.50. The total sale amount was $2.1 billion, which allowed Genesis to purchase 32,041 Bitcoin at a price of $65,685. This Bitcoin will be used to repay creditors. Currently, the 32,041 Bitcoin is worth $2.18 billion. Coinbase reassured the crypto community that this sell-off would not have a significant impact on the market, stating that most of the funds would likely remain within the crypto ecosystem. Genesis had the option to either convert GBTC shares into Bitcoin for creditors or sell the shares and distribute the cash, as per the bankruptcy plan. Digital Currency Group, the parent company of Genesis, argued that Genesis planned to pay its customers more than they were entitled to. Genesis filed for Chapter 11 bankruptcy in January 2023.