Genesis purchased 32,041 bitcoins using proceeds from the sale of nearly 36 million GBTC shares, with Genesis using these bitcoins to repay customers.
According to court documentsfiledYesterday, the sale of GBTC shares was completed on April 2, according to Bloomberg.
A bankruptcy court in New York allowed Genesis to sell GBTC shares in addition to shares in Grayscale Ethereum trusts on February 14. After filing, GBTC shares were valued at nearly $1.4 billion and Grayscale Ethereum Trust shares were valued at $165 million. (Grayscale shares Ethereum Classic Trust valued at $38 million)
Genesis filed for Chapter 11 bankruptcy protection in January 2023.
The amount of Bitcoin purchased is worth more than $2.17 billion at current prices and will be used to repay customers.
refer : theblock.co
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