{"id":17436,"date":"2024-04-07T07:22:02","date_gmt":"2024-04-07T07:22:02","guid":{"rendered":"https:\/\/coinengineer.io\/blog\/?p=17436"},"modified":"2024-04-07T07:22:02","modified_gmt":"2024-04-07T07:22:02","slug":"crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin","status":"publish","type":"post","link":"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/","title":{"rendered":"Crypto Lender Genesis Uses GBTC Share Sale to Repay Customers in Bitcoin"},"content":{"rendered":"<p>Genesis has acquired 32,041 bitcoins using proceeds from the sale of nearly 36 million Grayscale Bitcoin Trust (GBTC) shares.<\/p>\n<p>According to Bloomberg Law, the sale of <a href=\"https:\/\/coinengineer.net\/blog\/grayscale-gbtc-etf-records-third-consecutive-double-digit-low-outflow\/\">GBTC<\/a> shares was finalized on April 2, as stated in court documents filed yesterday.<\/p>\n<p>A New York bankruptcy court granted Genesis permission to sell GBTC shares, along with shares in Grayscale Ethereum trusts, on February 14. At the time of the bankruptcy filing, the value of Genesis&#8217;s GBTC shares was nearly $1.4 billion, while its Grayscale Ethereum Trust shares were valued at $165 million, and its Grayscale Ethereum Classic Trust shares at $38 million.<\/p>\n<p>Genesis filed for Chapter 11 bankruptcy protection in January 2023.<\/p>\n<p>At current prices, the purchased bitcoins are valued at over $2.17 billion, as reported by Coin Engineer&#8217;s Bitcoin Price Page. These funds are expected to be used for customer repayment.<\/p>\n<div id=\"gtx-trans\" style=\"position: absolute; left: 599px; top: 43.3906px;\">\n<div class=\"gtx-trans-icon\"><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Genesis has acquired 32,041 bitcoins using proceeds from the sale of nearly 36 million Grayscale Bitcoin Trust (GBTC) shares. According to Bloomberg Law, the sale of GBTC shares was finalized on April 2, as stated in court documents filed yesterday. A New York bankruptcy court granted Genesis permission to sell GBTC shares, along with shares<\/p>\n","protected":false},"author":1,"featured_media":17437,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[61,2093,1106,1096],"class_list":["post-17436","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-news","tag-bitcoin","tag-gbtc","tag-genesis","tag-grayscale"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Crypto Lender Genesis Uses GBTC Share Sale to Repay Customers in Bitcoin - Coin Engineer<\/title>\n<meta name=\"description\" content=\"According to Bloomberg Law, the sale of GBTC shares was finalized on April 2, as stated in court documents filed yesterday.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Crypto Lender Genesis Uses GBTC Share Sale to Repay Customers in Bitcoin - Coin Engineer\" \/>\n<meta property=\"og:description\" content=\"According to Bloomberg Law, the sale of GBTC shares was finalized on April 2, as stated in court documents filed yesterday.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/\" \/>\n<meta property=\"og:site_name\" content=\"Coin Engineer\" \/>\n<meta property=\"article:published_time\" content=\"2024-04-07T07:22:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/04\/20230317_Genesis_Color-1200x675-1.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/\",\"url\":\"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/\",\"name\":\"Crypto Lender Genesis Uses GBTC Share Sale to Repay Customers in Bitcoin - Coin Engineer\",\"isPartOf\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/04\/20230317_Genesis_Color-1200x675-1.webp\",\"datePublished\":\"2024-04-07T07:22:02+00:00\",\"dateModified\":\"2024-04-07T07:22:02+00:00\",\"author\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/70674da64ef7457ff399f5f51be296e2\"},\"description\":\"According to Bloomberg Law, the sale of GBTC shares was finalized on April 2, as stated in court documents filed yesterday.\",\"breadcrumb\":{\"@id\":\"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/#primaryimage\",\"url\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/04\/20230317_Genesis_Color-1200x675-1.webp\",\"contentUrl\":\"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/04\/20230317_Genesis_Color-1200x675-1.webp\",\"width\":1200,\"height\":675},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/coinengineer.net\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Crypto Lender Genesis Uses GBTC Share Sale to Repay Customers in Bitcoin\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#website\",\"url\":\"https:\/\/coinengineer.net\/blog\/\",\"name\":\"Coin Engineer\",\"description\":\"Btc, Coins, Pre-Sale, DeFi, NFT\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/coinengineer.net\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/70674da64ef7457ff399f5f51be296e2\",\"name\":\"admin\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/47d8a8204de9104b7e21c9124ecff87e02940cf67e2cf7122f4a02f1445ae66b?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/47d8a8204de9104b7e21c9124ecff87e02940cf67e2cf7122f4a02f1445ae66b?s=96&d=mm&r=g\",\"caption\":\"admin\"},\"sameAs\":[\"http:\/\/coinengineer.net\/\"],\"url\":\"https:\/\/coinengineer.net\/blog\/author\/admin\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Crypto Lender Genesis Uses GBTC Share Sale to Repay Customers in Bitcoin - Coin Engineer","description":"According to Bloomberg Law, the sale of GBTC shares was finalized on April 2, as stated in court documents filed yesterday.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/","og_locale":"en_US","og_type":"article","og_title":"Crypto Lender Genesis Uses GBTC Share Sale to Repay Customers in Bitcoin - Coin Engineer","og_description":"According to Bloomberg Law, the sale of GBTC shares was finalized on April 2, as stated in court documents filed yesterday.","og_url":"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/","og_site_name":"Coin Engineer","article_published_time":"2024-04-07T07:22:02+00:00","og_image":[{"width":1200,"height":675,"url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/04\/20230317_Genesis_Color-1200x675-1.webp","type":"image\/webp"}],"author":"admin","twitter_card":"summary_large_image","twitter_misc":{"Written by":"admin","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/","url":"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/","name":"Crypto Lender Genesis Uses GBTC Share Sale to Repay Customers in Bitcoin - Coin Engineer","isPartOf":{"@id":"https:\/\/coinengineer.net\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/#primaryimage"},"image":{"@id":"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/#primaryimage"},"thumbnailUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/04\/20230317_Genesis_Color-1200x675-1.webp","datePublished":"2024-04-07T07:22:02+00:00","dateModified":"2024-04-07T07:22:02+00:00","author":{"@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/70674da64ef7457ff399f5f51be296e2"},"description":"According to Bloomberg Law, the sale of GBTC shares was finalized on April 2, as stated in court documents filed yesterday.","breadcrumb":{"@id":"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/#primaryimage","url":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/04\/20230317_Genesis_Color-1200x675-1.webp","contentUrl":"https:\/\/coinengineer.net\/blog\/wp-content\/uploads\/2024\/04\/20230317_Genesis_Color-1200x675-1.webp","width":1200,"height":675},{"@type":"BreadcrumbList","@id":"https:\/\/coinengineer.net\/blog\/crypto-lender-genesis-uses-gbtc-share-sale-to-repay-customers-in-bitcoin\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/coinengineer.net\/blog\/"},{"@type":"ListItem","position":2,"name":"Crypto Lender Genesis Uses GBTC Share Sale to Repay Customers in Bitcoin"}]},{"@type":"WebSite","@id":"https:\/\/coinengineer.net\/blog\/#website","url":"https:\/\/coinengineer.net\/blog\/","name":"Coin Engineer","description":"Btc, Coins, Pre-Sale, DeFi, NFT","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/coinengineer.net\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/70674da64ef7457ff399f5f51be296e2","name":"admin","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/coinengineer.net\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/47d8a8204de9104b7e21c9124ecff87e02940cf67e2cf7122f4a02f1445ae66b?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/47d8a8204de9104b7e21c9124ecff87e02940cf67e2cf7122f4a02f1445ae66b?s=96&d=mm&r=g","caption":"admin"},"sameAs":["http:\/\/coinengineer.net\/"],"url":"https:\/\/coinengineer.net\/blog\/author\/admin\/"}]}},"_links":{"self":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/17436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/comments?post=17436"}],"version-history":[{"count":1,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/17436\/revisions"}],"predecessor-version":[{"id":17438,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/posts\/17436\/revisions\/17438"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media\/17437"}],"wp:attachment":[{"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/media?parent=17436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/categories?post=17436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/coinengineer.net\/blog\/wp-json\/wp\/v2\/tags?post=17436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}