According to information shared by Bloomberg, the bankrupt cryptocurrency loan company Genesis sold its GBTC shares and received 32,041 Bitcoins in order to repay creditor cryptocurrency users.
Genesis Global Capital said Friday that it has completed the liquidation of its Grayscale Bitcoin Trust shares and used the proceeds to purchase 32,041 Bitcoins, which the bankrupt crypto lender will use to repay its customers.
As of April 2, it had fully redeemed approximately 36 million GBTC shares to buy Bitcoin, Genesis lawyers said in a court filing.
Judge Sean Lane approved Genesis' request to liquidate GBTC shares in February, and the company prepared an offer to repay creditors with billions of dollars in cash and cryptocurrency.
On January 31, Genesis announced a $21 million settlement with the SEC for its alleged role in offering and selling unregistered securities through its Gemini Earn program.
*This is not investment advice.