The bankrupt cryptocurrency lending firm Genesis recently sold approximately 36 million shares of Grayscale Bitcoin Trust (GBTC) to acquire more Bitcoin, lowering tickers to $68,108, in efforts to settle its debts with creditors.

Genesis liquidated the GBTC shares on April 2, fetching about $58.50 per share. Initially seeking permission from the U.S. bankruptcy court to sell the shares on Feb. 2 at $38.50 per share, Genesis witnessed a 50% increase in share price. The sale generated $2.1 billion, enabling the purchase of 32,041 Bitcoin at $65,685 each, currently valued at $2.18 billion.

Coinbase assured the community that the sell-off wouldn't significantly impact the crypto market, as the funds are likely to remain within the ecosystem. The bankruptcy plan permitted Genesis to convert GBTC shares into Bitcoin or sell them for cash.

This move follows Digital Currency Group's claim that Genesis proposed to pay its customers more than they were entitled to. Genesis filed for Chapter 11 bankruptcy in January 2023.