According to BlockBeats, Genesis, a bankrupt cryptocurrency lending institution, has purchased 32,041 Bitcoins, valued at approximately $2.17 billion, to repay its customers. This move comes after the sale of its shares in Grayscale Bitcoin Trust (GBTC). The process of selling the GBTC shares was completed on April 2nd.
Genesis, which had been facing bankruptcy, used the proceeds from the sale of its GBTC shares to acquire the Bitcoins. The acquired Bitcoins will be used to settle the debts owed to its customers. This strategic move is seen as an effort by Genesis to regain the trust of its customers and stakeholders by ensuring they are repaid.
The acquisition of such a large number of Bitcoins is significant, highlighting the potential value and demand for the cryptocurrency. It also underscores the commitment of Genesis to fulfill its obligations to its customers despite its financial challenges. The completion of the GBTC shares sale and the subsequent acquisition of Bitcoins marks a crucial step in Genesis's recovery process.