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Genesis sold all its GBTC shares worth more than $2 billion

Genesis has halted the sale of its shares in GBTC, Grayscale's bitcoin spot ETF valued at more than $2 billion, as part of its bankruptcy filing. Through these sales, Genesis wishes to compensate its affected customers.

Genesis completes sale of its GBTC shares

As part of the bankruptcy proceedings, Genesis obtained permission last February to sell approximately 36 million GBTC shares. In addition to shares of two Ethereum funds also issued by Grayscale.

Depending on the platform Legal notices Bloomberg, bankrupt Genesis has completed the sale of its shares in hedge fund Grayscale GBTC. Which is valued at more than $2 billion. Genesis traded its shares for Bitcoin instead of dollars. This involves participating in the compensation of its affected customers, whose losses are estimated at around $3.4 billion. Of that amount, the bankrupt company owes Gemini about $765 million under the “Gemini Earn” offering.

👈Read more: After the collapse of FTX, Celsius and Genesis: is there any hope for customers to get their money back?

According to data from Arkham Intelligence, GBTC shares owned by Genesis, equivalent to more than 32,000 bitcoins, have been sold over the past three weeks.

Although this news means that the selling pressure on the GBTC fund will now be reduced. However, the latter is redirected to Bitcoin, where Genesis customers will subsequently be paid in BTC.

As of this writing, Grayscale's GBTC shares are worth approximately $21.8 billion, or 1.64% of Bitcoin's supply.

👈Read more: Grayscale's GBTC coin will run out of Bitcoin in 96 days

But since its launch, GBTC has suffered significant sales. Sometimes for economic reasons, since GBTC is the ETF that currently offers the most expensive fees in this sector of the market. And sometimes because the investors who placed themselves in the old trust want to make their profits thanks to the rise in the price of Bitcoin.

Unlike Genesis, BlackRock and Fidelity continue to see demand for funds surge. Bitcoin traded on their stock exchange. BlackRock currently has $17.9 billion in Bitcoin and Fidelity has $10.2 billion.

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