Genesis Global Capital declared a profitable sale of its shares of Grayscale Bitcoin Trust (GBTC). The bankrupt cryptocurrency lending company converted the money to buy 32,041 Bitcoins. This gesture is intended to compensate the company’s customers and creditors. The liquidation process included approximately 36 million GBTC shares. Genesis’s legal team confirmed the completion of this process in a recent court filing.
The New York bankruptcy court had already given Genesis consent to dispose of its Grayscale shares, which comprised almost 36 million in GBTC and other stakes in Grayscale Ethereum trusts. Upon application, the estate’s lawyers valued the property in Grayscale stocks at around $1.6 billion. The Bitcoin acquired by this sale is yet to be worth almost $2.2 billion at the present market price.
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Bitcoin Genesis has released its first plan for the large stack it holds. Its key purpose is to allocate the tokens to its
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