After selling GBTC shares, Genesis purchased 32,041 Bitcoins to repay customers

PANews reported on April 7th, according to The Block, court documents show that Genesis used the funds from selling nearly 36 million shares of Grayscale Bitcoin Trust (GBTC) to purchase 32,041 bitcoins, which are said to be used for repaying customers. The sale of GBTC shares was completed on April 2nd.

Previously, the New York Bankruptcy Court granted Genesis permission to sell its GBTC shares (as well as Grayscale Ethereum Trust shares) on February 14th. When this bankrupt cryptocurrency lending institution applied for the permit, its GBTC shares were worth nearly $1.4 billion USD; its Grayscale Ethereum Trust shares were valued at $165 million USD; and its Grayscale Ethereum Classic Trust shares were worth $38 million USD.

Earlier news revealed that Genesis Trading has redeemed over $2.1 billion in GBTC shares in total over the past three weeks.