Key Points
- Genesis bought 32,041 bitcoins after selling nearly 36 million Grayscale Bitcoin Trust shares.
- The bitcoins, valued at over $2.17 billion, will be used to repay customers.
Genesis has acquired 32,041 bitcoins. The purchase was made using the funds generated from the sale of approximately 36 million Grayscale Bitcoin Trust shares.
The sale of these shares was finalized on April 2, according to recently filed court documents.
Bankruptcy and Sale Approval
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.
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 Ethereum Trust shares had a value of $165 million.
Repayment Plan
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.
