Genesis Converts $2.1 Billion Worth of GBTC Shares into Bitcoin to Settle Debts Amid Legal Challenges

In a significant move to address its financial obligations, the bankrupt cryptocurrency lending firm Genesis has converted roughly 36 million shares of the Grayscale Bitcoin Trust (GBTC) into Bitcoin, gearing up to settle its debts with creditors. This conversion was executed on April 2, with the GBTC shares valued at approximately $58.50 each at the time of liquidation, according to Bloomberg. This decision comes after the GBTC share price witnessed a substantial 50% increase since Genesis initially received approval from the U.S. bankruptcy court for the share sale back in early February when shares were valued at $38.50. The liquidation