Bankrupt Cryptocurrency Company Sells Billion-Dollar GBTC, Invests the Money in Bitcoin! - Coin Newsletter

Bankrupt crypto lending platform Genesis has sold its holdings to buy Bitcoin (BTC).

According to court documents filed on Friday, April 5, Genesis purchased 32,041 Bitcoin with cash obtained from completing the sale of Grayscale Bitcoin Trust (GBTC) shares.

The documents revealed that Genesis completed its GBTC share sale on April 2. On Feb. 15, Genesis received permission from a New York bankruptcy court to sell approximately 36 million shares in GBTC, as well as additional shares in the Grayscale Ethereum trust.

At the time, the company's holdings of Grayscale shares were collectively valued at $1.6 billion, of which $1.4 billion was GBTC, $165 million was Grayscale Ethereum Trust, and $38 million was Grayscale Ethereum Classic Trust.

Affected by the mass bankruptcies in the cryptocurrency market last year, DCG's Genesis completely halted withdrawals for its customers and then filed for bankruptcy.

View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • Comment
  • Share
Comment
0/400
No comments
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)