2024-04-06
Genesis Company In February, received the green light from a New York bankruptcy court to sell approximately 36 million shares of Grayscale's Bitcoin Trust.
Recently, bankrupt crypto lender Genesis successfully completed the sale of its Grayscale Bitcoin Trust shares and used the proceeds to acquire 32,041 bitcoins.
This information was disclosed in court documents filed on Friday.
The sale of the GBTC shares was finalized on April 2nd. Furthermore, back in February, Genesis was granted permission to sell the aforementioned GBTC shares, along with additional shares in two Grayscale Ethereum trusts, by the New York bankruptcy court.
The estate's lawyers estimated the total value of the Grayscale shares to be $1.6 billion at the time, with $1.4 billion in GBTC, $165 million in Grayscale Ethereum Trust, and $38 million in Grayscale Ethereum Classic Trust.
The current price of bitcoin hovering around $67,500, the bitcoins obtained from the sale of the GBTC shares alone are valued at approximately $2.2 billion.
As for Genesis' plans regarding their substantial bitcoin holdings, the initial intention is to distribute the tokens to its Gemini investors.
