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Bankrupt crypto lending firm Genesis reportedly has sold of his shares of Grayscale Bitcoin Trust (GBTC) to acquire additional Bitcoins worth $2.1 billion.
What is GBTC?
Grayscale Bitcoin Trust is a digital currency investment product that gives the option to invest in Bitcoin in the form of shares, following a more traditional approach. Unlike a direct investment in Bitcoin, which may require more attention and knowledge, GBTC allowed the investors a more simplified access to Bitcoin. Recently, in January 2024, the SEC approved Grayscale‘s application to turn the trust into an ETF.
Genesis’s Purchase
Genesis sold 36 million shares of GBTC at a price of $38.50, along with Ethereum trusts worth of $203 million. The total sale was about $2.1B, allowing the purchase of 32,041 Bitcoins on April 2 at a price of $65,685. Genesis’s purchase comes after Coinbase’s statement, “Our view is that much of these funds will likely remain within the crypto ecosystem, contributing to a neutral overall effect in the market.”. With this purchase, Genesis plans to settle its debt with Gemini Earn creditors.
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