Summary
Genesis, a crypto lender, may have increased selling of its GBTC holdings, taking advantage of Bitcoin’s price surge. They received court approval to sell $1.3 billion worth of GBTC shares, now valued at $1.9 billion. Outflows from GBTC were low until a recent spike.
Key Points
1. Genesis received bankruptcy court approval on Feb. 14 to sell 35 million GBTC shares, worth $1.3 billion at the time.
2. The recent large outflow from GBTC could indicate that Genesis has started or increased its pace of unloading its GBTC holdings, taking advantage of bitcoin’s rally.
3. Despite receiving approval to sell the GBTC shares earlier, outflows from GBTC were relatively low in the past two weeks until Thursday’s significant spike.