Genesis purchases $2.1B of Bitcoin following GBTC sell-off
The significant Bitcoin purchase comes after Coinbase declared that the majority of the proceeds from the GBTC sell-off would “remain within the crypto ecosystem.”
Bankrupt crypto lending firm Genesis reportedly offloaded about 36 million shares of Grayscale Bitcoin Trust (GBTC) to acquire additional Bitcoin (BTC) as part of its preparations to settle its debts with creditors.
According to a recent Bloomberg report, Genesis liquidated approximately 36 million GBTC shares on April 2, valued at approximately $58.50 per share at that time.
The share price has climbed by approximately 50% since Genesis initially sought permission from the U.S. bankruptcy court to sell the 36 million GBTC shares on Feb. 2, when the shares were at $38.50.
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