Genesis Uses $1.6B from GBTC Share Sale to Buy $2.2B in Bitcoin for Creditors
- Genesis sold its shares of Grayscale Bitcoin Trust (GBTC) for $1.6 billion
- It used the proceeds to buy 32,041 bitcoins worth $2.2 billion
- The sale of GBTC shares was completed on April 2
- The bitcoins will be distributed to Genesis's Gemini Earn creditors
- This is part of Genesis's bankruptcy proceedings
