Ethereum

Bitcoin

April

Grayscale Bitcoin Trust

<h2 id="key-points">Key Points</h2>
<ul>
 <li>Genesis bought 32,041 bitcoins after selling nearly 36 million Grayscale Bitcoin Trust shares.</li>
 <li>The bitcoins, valued at over $2.17 billion, will be used to repay customers.</li>
</ul>
<p>Genesis has acquired 32,041 bitcoins. The purchase was made using the funds generated from the sale of approximately 36 million Grayscale <a href="https://crypto.ro/en/cryptocurrencies/bitcoin/" rel="noopener noreferrer nofollow">Bitcoin</a> Trust shares.</p>
<p>The sale of these shares was finalized on April 2, according to recently filed court documents.</p>
<h2 id="bankruptcy-and-sale-approval">Bankruptcy and Sale Approval</h2>
<p>In February, a bankruptcy court in New York gave Genesis the green light to sell its Grayscale Bitcoin Trust shares. This approval also extended to Grayscale Ethereum Trust shares.</p>
<p>Genesis, a bankrupt cryptocurrency lender, had requested this permission. At the time of the request, its Bitcoin Trust shares were estimated to be worth around $1.4 billion. Its Grayscale <a href="https://crypto.ro/en/cryptocurrencies/ethereum/" rel="noopener noreferrer nofollow">Ethereum</a> Trust shares had a value of $165 million.</p>
<h2 id="repayment-plan">Repayment Plan</h2>
<p>Genesis had filed for Chapter 11 bankruptcy protection in January 2023. The bitcoins bought, which have a current market value exceeding $2.17 billion, will reportedly be used to compensate customers.</p>

Genesis Acquires Over 32K Bitcoins to Settle Client Debts following GBTC Stock Sale, Reports Bloomberg

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