Crypto lender Genesis has purchased 32,041 Bitcoins to repay customers by redeeming Grayscale BTC shares. As per a court filing, the sale of GBTC was completed on April 2. Genesis has purchased Bitcoin at an average price of $65,685. The firm purchased 32,041 BTC at an average price of $65,685, spending over $2.17 billion. Genesis to pay back customers in Bitcoin The bankrupt crypto lender received permission from a New York bankruptcy court to sell GBTC shares and pay back customers.
Gemini and Genesis had reached an in principle settlement late in February, and under the terms of settlement, the former agreed to distribute $1.8 billion to users affected by Genesis’s Earn service. On February 14, Genesis received permission to sell the GBTC shares, in addition to Grayscale Ethereum trust shares. During the time of application these shares were valued at nearly $1.4 billion and Grayscale’s Ethereum shares at $165 million.
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