Genesis Buys Billions Worth Of Btc

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Genesis Buys Billions Worth Of Btc

Genesis Brokerage Buys $2 Billion Worth Of Btc

According to a report, Geneis has spent around $2 billion to buy Bitcoin (BTC). It appears that the brokerage is selling its GBTC shares in order to repay its customers.

Overall, around 32041 Bitcoin (BTC) were purchased by the crypto brokerage firm at $65685 price (average). The entire operation has cost the company close to $2.17 billion.

32041 Btc Bought By Genesis

It seems that the bankrupt lender is now going to pay customers back via BTC. They have already received permission from a relevant court. As per the details, the company will be selling its stake in GBTC to pay back.

If we go back into history, Geneis filed for bankruptcy protection at the start of 2023, and now it is more than a year since then.

settlement was reached between Geneis and Gemini in February, as Gemini agreed to pay around $1.8 billion to affected users.

After that, the company received permission from a special court to go ahead with the repayment of the clients. By selling around 36 million shares of GBTC, the company has managed to buy more than 32K bitcoin. Earlier, the company was planning to pay back to the users affected by the Gemini Earn program via the tokens.

Although the news isn't exactly positive, it does hint at the fact that the cryptocurrency space is now going through an era of proper regulation. Gone are the days when any firm could pack up its operations and disappear into thin air.

With increased regulatory insight and the flow of institutional money into the cryptocurrency, it appears that the crypto space is heading in the right direcOnced once the Gpaysiback backaffectedfected users, it will set a good example for any future case as well. In terms of impact to the cryptocurrencies like BTC, it will most likely be a non-event.

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