- Genesis got permission from a New York bankruptcy court to sell approximately 36 million shares of Grayscale’s Bitcoin Trust (GBTC)
- Genesis has completed the redemption of those GBTC shares
- With the proceeds from the GBTC share sale, Genesis bought 32,000 bitcoins
Genesis Global Capital recently completed the redemption of its entire stake in Grayscale’s Bitcoin Trust (GBTC) shares. The move allowed Genesis to increase its bitcoin holdings by 32,000 BTC.
Court Approval for Share Sale
In February 2024, Genesis received approval from a New York bankruptcy court to sell around 36 million shares of GBTC. The approval enabled Genesis to liquidate its position in GBTC.
Use of Sale Proceeds
After selling its GBTC shares, Genesis used the $1.1 billion in proceeds to purchase 32,000 bitcoins. This allowed the company to boost its bitcoin reserves significantly.
Unloading the GBTC Stake
Genesis has now exited its entire stake in GBTC. It no longer holds any shares in Grayscale’s Bitcoin Trust product. The sale and subsequent bitcoin purchases underline Genesis’s focus on accumulating more bitcoin holdings.
Conclusion
By redeeming its GBTC shares, Genesis was able to acquire over 32,000 additional bitcoins. The move highlights the company’s strategy of minimizing exposure to crypto investment products in Favor of direct bitcoin ownership. With its GBTC position now liquidated, Genesis holds a larger share of bitcoins and no longer has any exposure to the Bitcoin Trust.
