Last Updated on April 9, 2024 by COINBUZZFEED
Amidst its bankruptcy proceedings, Genesis, has sold off its shares in the Grayscale Bitcoin Trust (GBTC) to acquire a substantial 32,041 Bitcoins (BTC). The transaction, completed on April 2 and granted by a New York bankruptcy court on February 14.
In a bid to optimize its portfolio and navigate through bankruptcy challenges, Genesis has executed a significant diversification strategy by liquidating its GBTC shares
court approval granted by a New York bankruptcy court on According to court documents filed recently, Genesis obtained permission from a New York bankruptcy court on February 14 to liquidate its holdings in GBTC, as well as shares in Grayscale Ethereum trusts. At the time of approval, the shares were valued at approximately $1.4 billion for GBTC, $165 million for the Grayscale Ethereum Trust, and $38 million for the Grayscale Ethereum Classic Trust.
Analysts view Genesis’ acquisition of 32,041 BTC as a strategic move that sets the stage for expansion. By strategically navigating through bankruptcy proceedings and leveraging opportunities in the cryptocurrency market
