Bitcoin

April

Grayscale Bitcoin Trust

Genesis Global Capital&nbsp;said Friday it has finished monetizing its&nbsp;Grayscale Bitcoin Trust&nbsp;shares and used the proceeds to buy 32,041 Bitcoin, which the bankrupt crypto lender will use to repay customers. 
Genesis, reportedly liquidated around 36 million shares of the Grayscale Bitcoin Trust (GBTC) to acquire more Bitcoin as part of its efforts to settle debts with creditors. According to a recent Bloomberg report, Genesis executed the liquidation on April 2, with each share valued at approximately $58.50 at the time of sale. 
Since <a href="https://www.unlock-bc.com/117434/genesis-global-seeks-approval-to-liquidate-1-6-billion-in-assets/" class="ek-link">Genesis initially sought approval from the U.S. bankruptcy court</a> to sell the 36 million GBTC shares on February 2, the share price has surged by roughly 50%, rising from $38.50. 
The total proceeds from the sale amounted to $2.1 billion, enabling the company to purchase 32,041 Bitcoin on April 2 at a price of $65,685 per Bitcoin. 
In response to concerns within the community, cryptocurrency exchange Coinbase reassured that the sell-off was not anticipated to have a significant impact on the broader crypto market. 
Coinbase stated, “Our view is that much of these funds will likely remain within the crypto ecosystem, contributing to a neutral overall effect in the market.” 
The exchange explained that the bankruptcy plan regulations allowed Genesis the option to either convert GBTC shares into the underlying Bitcoin asset on behalf of creditors or to sell the shares directly and distribute the cash. 
This decision follows arguments from Digital Currency Group, Genesis’s parent company, claiming that Genesis had proposed paying its customers more than their entitled amounts. 
Genesis filed for Chapter 11 bankruptcy in the Southern District of New York just over a year ago, in January 2023. 
The post <a rel="nofollow" href="https://www.unlock-bc.com/121255/genesis-sells-gbtc-shares-acquires-32k-bitcoins-for-debt-settlement/">Genesis Sells GBTC Shares, Acquires 32K Bitcoins for Debt Settlement</a> appeared first on <a rel="nofollow" href="https://www.unlock-bc.com">UNLOCK Blockchain</a>.

Genesis Sells GBTC Shares, Acquires 32K Bitcoins for Debt Settlement

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