Genesis Buys 32,000 Bitcoins

According to court documents filed on Friday, the bankrupt crypto lender Genesis has sold its shares in the Grayscale Bitcoin Trust (GBTC) and used the proceeds to buy 32,041 Bitcoins.

The transaction was completed on April 2, as stated in the documents.

In February, the New York bankruptcy court gave Genesis permission to sell nearly 36 million shares in GBTC, along with additional shares in two other Grayscale trusts.

The total value of the Grayscale shares was estimated at $1.6 billion, with GBTC being worth $1.4 billion, the Grayscale Ethereum Trust worth $165 million, and the Grayscale Ethereum Classic Trust worth $38 million.

The Bitcoins acquired from the sale of the GBTC shares alone are now valued at approximately $2.2 billion. Genesis has stated that it plans to distribute these Bitcoins to its creditors through the Gemini Earn platform.