Genesis Buys $2.1B in Bitcoin

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Bankrupt crypto lending firm Genesis reportedly sold about 36 million shares of the Grayscale Bitcoin Trust (GBTC) in order to acquire more Bitcoin as part of its plan to settle its debts with creditors.

As per a recent report by Bloomberg, Genesis sold around 36 million GBTC shares on April 2, when the shares were valued at $58.50 per share.

This is approximately 50% higher than the price when Genesis first requested permission from a US bankruptcy court to sell the shares on February 2, when they were worth $38.50.

The total amount earned from the sale was $2.1 billion, which allowed Genesis to purchase 32,041 Bitcoin at a price of $65,685 per coin on April 2.

The company plans to use these Bitcoin to repay its creditors. As of now, the 32,041 Bitcoin is valued at $2.18 billion.