Posted 4/8/2024, 5:47:22 AM
Bankrupt Crypto Lender Genesis Sells $2.1B in GBTC Shares to Buy Bitcoin for Creditors
- Genesis, a bankrupt crypto lender, sold 36 million shares of Grayscale Bitcoin Trust (GBTC) for $2.1 billion
- Goal was to acquire Bitcoin to pay back creditors after filing for bankruptcy in January 2023
- Genesis purchased over 32K Bitcoin at about $65K per coin with the funds
- Bitcoin obtained now worth around $2.18 billion; part of repaying creditors
- Genesis had option to convert GBTC shares to Bitcoin for creditors or sell shares and distribute cash
