Updated: April 6, 2024, 6:12 a.m. EDT
Genesis purchased 32,041 Bitcoins using the proceeds from the completed sale of approximately 36 million Grayscale Bitcoin Trust shares.
Pursuant to Bloomberg Law, the sale of GBTC shares was completed on April 2, according to court documents filed yesterday.
On February 14, the New York Bankruptcy Court granted Genesis permission to sell its GBTC shares in addition to its shares in the Grayscale Ethereum Trust. When the bankrupt crypto financier applied for the permit, its GBTC stock was worth nearly $1.4 billion, and its Grayscale Ethereum Trust stock was valued at $165 million. (His Grayscale Ethereum Classic Trust shares were worth $38 million.)
Genesis filed for Chapter 11 bankruptcy protection in January 2023.
According to The Block's Bitcoin price page, the amount of Bitcoin purchased is worth more than $2.17 billion at current prices and will reportedly be used to repay customers.
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