Genesis acquires $2.1 billion worth of Bitcoin after GBTC’s sell-off.

Bankrupt cryptocurrency lending firm Genesis has reportedly sold approximately 36 million shares of Grayscale Bitcoin Trust (GBTC) in order to acquire more Bitcoin (BTC) as part of its efforts to settle its debts with creditors. The sale, which took place on April 2, saw Genesis liquidate the GBTC shares at a value of around $58.50 per share. This represents a 50% increase in share price since Genesis first sought permission from the U.S. bankruptcy court to sell the GBTC shares on February 2, when they were valued at $38.50. The total sale amount of $2.1 billion allowed Genesis to purchase 32,041 Bitcoin at a price of $65,685 per coin. Genesis plans to use the Bitcoin to repay its creditors. At the time of writing, the 32,041 Bitcoin is worth approximately $2.18 billion. Cryptocurrency exchange Coinbase has reassured the community that the sell-off is not expected to have a significant impact on the crypto market, stating that the funds are likely to remain within the ecosystem. Under the bankruptcy plan, Genesis had the option to convert the GBTC shares into Bitcoin on behalf of the creditors or sell the shares and distribute the cash.