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    Unleashing the Future of Cryptocurrency: Genesis Redeems GBTC Shares and Invests in 32K Bitcoins!

    In a move that has caused quite a stir in the crypto community, Genesis, a bankrupt crypto lender, has recently sold its stake in the Grayscale Bitcoin Trust (GBTC) and used the proceeds to purchase a staggering 32,041 bitcoins (BTC). This move comes as a surprise to many, as Genesis was expected to sell its stake in order to repay its creditors. However, the company has taken a bold step and used the funds to build a large BTC position instead.

    The 32,041 BTC, valued at $2.2 billion according to current prices, was acquired on April 2nd, as per court documents filed on Friday. In a strategic play, Genesis has opted to acquire digital assets instead of settling its debt, a move that has left many wondering what the company’s future plans are.

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  • The sale of GBTC shares was completed on April 2, as per the court documents.

    In February, Genesis received approval from a New York bankruptcy court to sell its 36 million GBTC shares, along with additional shares in two Grayscale Ethereum trusts. At the time, the shares were valued at a collective $1.6 billion, with $1.4 billion in GBTC, $165 million in Grayscale Ethereum Trust, and $38 million in Grayscale Ethereum Classic Trust.

    However, with the current price of BTC sitting around $67,500, the bitcoins purchased with the sale of GBTC shares alone are now worth $2.2 billion. The company has stated that the plan is to distribute these BTC tokens to its Gemini Earn creditors, but there are also rumors of further acquisitions and partnerships in the works.

    Edited by Stephen Alpher.

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