Genesis purchased 32,041 bitcoins to repay customers after selling GBTC shares: Bloomberg
Quick Take
- Bankrupt crypto lender Genesis purchased 32,041 bitcoins.
- It sold nearly 36 million Grayscale Bitcoin Trust shares.
- The bitcoins will be used to repay customers.
Genesis purchased 32,041 bitcoins using the proceeds from the completed sale of nearly 36 million Grayscale Bitcoin 
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Trust shares.
According to court documents filed yesterday, the sale of GBTC shares was completed on April 2, per Bloomberg Law.
A New York bankruptcy court granted Genesis permission to sell the GBTC shares — in addition to shares in Grayscale Ethereum trusts — on Feb. 14. When the bankrupt crypto lender applied for said permission, its GBTC shares were valued at nearly $1.4 billion, and its Grayscale Ethereum Trust shares were valued at $165 million. (Its Grayscale Ethereum Classic Trust shares were valued at $38 million.)
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Genesis filed for Chapter 11 bankruptcy protection in January 2023.
The amount of purchased bitcoins is worth more than $2.17 billion at current prices, according to The Block's Bitcoin Price Page — and will reportedly be used to repay customers.
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