BREAKING: Bankrupt Genesis Sells $2.2 Billion GBTC Shares to Acquire Bitcoin – What Will He Do With This BTC? Here is the Answer

by Marco Stracke

Per info shared by Bloomberg, the bankrupt cryptocurrency mortgage firm Genesis supplied its GBTC shares and acquired 32,041 Bitcoins in expose to repay creditor cryptocurrency customers.

Genesis Global Capital said Friday that it has accomplished the liquidation of its Grayscale Bitcoin Have confidence shares and historical the proceeds to amass 32,041 Bitcoins, which the bankrupt crypto lender will utilize to repay its customers.

As of April 2, it had fully redeemed roughly 36 million GBTC shares to amass Bitcoin, Genesis lawyers said in a court submitting.

Contemplate Sean Lane licensed Genesis’ search info from to liquidate GBTC shares in February, and the firm ready an provide to repay creditors with billions of greenbacks in money and cryptocurrency.

On January 31, Genesis introduced a $21 million settlement with the SEC for its alleged role in offering and promoting unregistered securities through its Gemini Damage program.

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