Genesis has acquired 32,041 bitcoins through the proceeds garnered from the completed sale of nearly 36 million Grayscale Bitcoin Trust shares.
As outlined in court documents filed recently, the sale of GBTC shares was finalized on April 2, as reported by Bloomberg Law.
Genesis received authorization from a New York bankruptcy court on February 14 to liquidate its GBTC shares, along with shares in Grayscale Ethereum trusts. At the time of the bankruptcy filing, the value of Genesis’ GBTC shares stood at almost $1.4 billion, with Grayscale Ethereum Trust shares valued at $165 million, and Grayscale Ethereum Classic Trust shares valued at $38 million.
Genesis had filed for Chapter 11 bankruptcy protection in January 2023.
At current market prices, the acquired bitcoins amount to over $2.17 billion and are intended for the repayment of customers.
