Bankrupt crypto lending firm Genesis reportedly offloaded about 36 million shares of Grayscale Bitcoin Trust to acquire additional Bitcoin (, Genesis liquidated approximately 36 million GBTC shares on April 2, valued at approximately $58.50 per share at that time.permission from the U.S. bankruptcy courtThe total sale amount came to $2.1 billion which allowed the purchase of 32,041 Bitcoin 3 on April 2, at the price of $65,685.
“Our view is that much of these funds will likely remain within the crypto ecosystem, contributing to a neutral overall effect in the market,” Coinbase stated.of the GBTC into the underlying Bitcoin asset on behalf of the creditors or sell the shares outright and distribute the cash.This comes after Digital Currency Group argued that its subsidiary company Genesis has proposed to pay its customers more than they are actually entitled to.
It was just over a year ago, in January 2023, when Genesis filed for Chapter 11 bankruptcy in the Southern District of New York.
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