Genesis Repays Customers with $2.2 Billion in Bitcoin After GBTC Sale

The bankrupt crypto lender has purchased 32,041 bitcoins using proceeds from selling nearly 36 million Grayscale Bitcoin Trust shares.

Genesis completed the sale of its Grayscale Bitcoin Trust shares on April 2, 2024.
The sale allowed Genesis to purchase 32,041 bitcoins, valued at approximately $2.2 billion.
The purchased bitcoins will be used to repay customers, with initial plans to distribute them to Gemini Earn creditors.
Genesis received permission from a New York bankruptcy court to sell the shares on February 15, 2024.
The sale of Grayscale Bitcoin Trust shares was part of Genesis' efforts to repay creditors following its Chapter 11 bankruptcy filing in January 2023.