Following Genesis Global Capital’s receipt of authorization to divest its Grayscale fund holdings, reports disclose that Genesis executed the sale last week. The proceeds were then used to procure 32,041 bitcoin, aimed at reimbursing its clientele.
Genesis Liquidates Grayscale GBTC Holdings

According to Bloomberg Law, court filings dated April 2 reveal that Genesis liquidated approximately 36 million GBTC shares. The company sought Chapter 11 bankruptcy protection in January 2023, following adverse impacts from the downfall of key players in the cryptocurrency market in 2022, including the collapse of FTX and Three Arrows Capital (3AC).
In February 2024, Judge Sean Lane sanctioned Genesis’s plea to dispose of its holdings in Grayscale funds. Beyond the GBTC shares, Genesis’s portfolio included stakes in Grayscale’s Ethereum Classic Trust. Jonathan Randles of Bloomberg reports that the proceeds from the sale, amounting to 32,041 BTC, are earmarked for reimbursing customers.
As of Saturday, April 6, the value of the acquired BTC stands at $2.17 billion, based on the latest bitcoin exchange rates. Grayscale’s GBTC has significantly reduced its bitcoin holdings, from 617,079.99 BTC on Jan. 12, 2024, to currently possessing 325,686.78 BTC, valued at $21.9 billion. This indicates that within a span of 85 days, GBTC’s bitcoin reserves have decreased by 291,393.21 BTC, equivalent to $19.7 billion.