Bankrupt Genesis Sold GBTC Shares to Acquire 32,041 Bitcoin

Genesis Global Capital said Friday its finished monetizing its Grayscale Bitcoin Trust shares and used the proceeds to buy 32,041 Bitcoin, which the bankrupt crypto lender will use to repay customers.

• Genesis lawyers said in a court filing that, as of April 2, it fully monetized nearly 36 million GBTC shares to purchase Bitcoin
• Judge Sean Lane approved Genesis’s request to monetize its GBTC shares in February as the company readied its proposal for repaying creditors with billions of dollars in cash and crypto
  • Genesis, which filed for Chapter 11 bankruptcy protection in January 2023, had estimated the value of ...