TechFlow news: The bankrupt cryptocurrency lending company Genesis sold approximately 36 million shares of the Grayscale Bitcoin Trust (GBTC) to acquire additional bitcoin for debt repayment.
On April 2, Genesis liquidated 36 million GBTC shares at around $58.50 per share (worth about $2.1 billion) and used the proceeds to purchase 32,041 bitcoins at $65,685 each.
The share price has risen approximately 50% since Genesis initially sought permission from a U.S. bankruptcy court on February 2 to sell the 36 million GBTC shares, when the price was $38.50.
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