Genesis Offloads 36 Million GBTC Shares for Bitcoin, Strategizing to Clear Debts Amid Bankruptcy Proceedings
Genesis sells 36 million shares in Grayscale Bitcoin Trust to bolster Bitcoin holdings for debt settlements. Shares sold at $58.50 each, yielding $2.1 billion. Acquires 32,041 Bitcoin at $65,685 each. Coinbase assures market stability. Genesis maneuvers follow Chapter 11 bankruptcy filing in January 2023.