Genesis Swaps GBTC Shares for 32K Bitcoins in Historic Deal!

Genesis traded GBTC shares for 32K bitcoins, marking a monumental shift in the crypto landscape. Read now!

Apr 6, 2024 - 08:30
Apr 6, 2024 - 08:30
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Genesis Swaps GBTC Shares for 32K Bitcoins in Historic Deal!
Genesis Swaps GBTC Shares for 32K Bitcoins in Historic Deal!

Genesis has shaken up the cryptocurrency world by cashing in its shares of Grayscale Bitcoin Trust (GBTC) and reinvesting the proceeds into a whopping 32,041 bitcoins!

The jaw-dropping transaction, revealed in court documents filed on a fateful Friday, showcases Genesis's strategic prowess in the volatile crypto market. By completing the sale of GBTC shares on April 2, Genesis has not only secured a mammoth stash of bitcoins but has also sent shockwaves through the digital currency sphere.

The saga began when Genesis, a trailblazing crypto lender, obtained the green light from a New York bankruptcy court on February 15 to offload a staggering 36 million GBTC shares. This bold move, coupled with the sale of additional shares in two Grayscale Ethereum trusts, set the stage for Genesis's groundbreaking bitcoin acquisition.

Initially valued at a whopping $1.6 billion, the Grayscale shares were a treasure trove awaiting exploration. With nearly $1.4 billion attributed to GBTC, $165 million to Grayscale Ethereum Trust, and $38 million to Grayscale Ethereum Classic Trust, the potential for transformation was palpable.

Fast forward to today, and Genesis's foresight has paid off handsomely. With bitcoin prices soaring to dizzying heights—hovering around $67,500 per unit—the 32,041 bitcoins acquired from the sale of GBTC shares alone are now valued at a jaw-dropping $2.2 billion!

But what's next for Genesis and its newfound bitcoin fortune? Initial plans suggest that these digital treasures will be generously distributed to Genesis's Gemini Earn creditors, marking a significant milestone in the company's journey.

Genesis's bold move has not only captured the attention of crypto enthusiasts worldwide but has also underscored the dynamism and unpredictability of the digital currency landscape. As the crypto world continues to evolve and innovate, Genesis's strategic maneuver serves as a testament to the boundless opportunities that lie ahead in this electrifying realm.

Also Read: Bitcoin Falls After Strong Jobs Report: Crypto Recovery in Jeopardy

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