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CryptoIntelligence 2024-04-08 16:36:02

Genesis Sells 36 Million GBTC Shares to Buy Bitcoin, Aiming to Settle Debts Amid Bankruptcy

Genesis Sells 36 Million GBTC Shares to Buy Bitcoin, Aiming to Settle Debts Amid Bankruptcy

In a strategic move to address its financial obligations, the insolvent cryptocurrency lending entity Genesis reportedly disposed of roughly 36 million shares in the Grayscale Bitcoin Trust (GBTC), aiming to bolster its Bitcoin holdings to facilitate debt settlements with its creditors. A Bloomberg article recently highlighted this significant transaction, noting the liquidation of these shares on April 2, which at the time were valued at around $58.50 each. This disposal came after a notable increase in share value, approximately 50% since Genesis sought approval from a bankruptcy court in the United States to sell the GBTC shares on February 2,

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