Expanding its digital assets portfolio, embattled crypto lending company Genesis has made a bold move by acquiring a staggering $2.1 billion in Bitcoin (BTC). This strategic move comes after the firm sold off a whopping 36 million shares from the renowned Grayscale Bitcoin Trust (GBTC).
In a bold move, Genesis has sold a whopping 36 million GBTC shares and invested the proceeds into a staggering 32,041 Bitcoins. This strategic move aims to repay creditors and pave the way for a brighter financial future.
The New York bankruptcy court has given the green light for the sale of GBTC shares on the romantic date of February 14th. And that’s not all – shares from Grayscale Ethereum (ETH) trusts will also be up for grabs.
This decision was eagerly awaited by Genesis, who first requested permission when the GBTC shares were worth a staggering $1.4 billion. But that’s not all, folks. The Grayscale Ethereum Trust shares were valued at a cool $165 million, while the Grayscale Ethereum Classic Trust shares were sitting pretty at $38 million.
With the current market value hovering around $68k, the coins acquired through GBTC shares have reached a whopping $2.2 billion.
Revolutionizing the world of cryptocurrency, the embattled lender has announced a groundbreaking plan to distribute coins to its Gemini Earn creditors as a form of repayment. This bold move comes amidst heated debates from the Digital Currency Group (DCG), the parent company of Genesis, who argues that the proposed strategy would unfairly favor lenders.
The crypto world is buzzing with mixed reactions to the recent move. Some are confident that the sell-off will remain contained within the cryptocurrency realm, with popular exchange Coinbase offering reassurance. However, there are lingering worries about the potential repercussions on GBTC and the entire crypto landscape.
Exclusive: Breaking: Bitwise CIO predicts $1T BTC inflow via ETFs from institutional investors
BNB Bounces Back: Binance Coin Impressive Recovery
Amidst large-scale cyber attacks, Solana users urge to revoke permission for the app
Genesis was hit hard by the aftershocks of the FTX bankruptcy, causing a financial storm that sent shockwaves through its lending operations. With a heavy burden of locked deposits weighing them down, Genesis was forced to seek out solutions.
They enlisted the help of investment bank Moelis & Co. and made the difficult decision to downsize their workforce by 30%.
Amidst a storm of obstacles, the world of cryptocurrency lending was rocked by a recent legal battle with New York’s fierce Attorney General, Letitia James. The heated dispute revolved around the popular Earn program, but now, a settlement has been reached.
This groundbreaking agreement seeks to restore assets to previous Earn users and other Genesis creditors, pending the crucial stamp of approval from a bankruptcy judge.