Following Coinbase’s announcement that the majority of the money from the GBTC sell-off would “remain within the crypto ecosystem,” a big purchase of Bitcoin was made.

In an attempt to pay off its creditors, bankrupt cryptocurrency lender Genesis allegedly sold over 36 million shares of Grayscale Bitcoin Trust (GBTC) to purchase more Bitcoin, which is currently trading at $68,104.

A recent report from Bloomberg states that on April 2, Genesis liquidated about 36 million GBTC shares, which were worth about $58.50 each at the time.

Since Genesis first requested approval from the U.S. bankruptcy court to sell the 36 million GBTC shares on February 2, when the shares were trading at $38.50, the share price has increased by about 50%.

The $2.1 billion total sales amount made it possible to buy 32,041 Bitcoin on April 2 for $65,685. Genesis will keep using Bitcoin to pay back its creditors.

The value of 32,041 Bitcoin is $2.18 billion as of the time of publication.

Coinbase, a cryptocurrency exchange, assured the community not long ago that a bigger impact on the market was not anticipated from the sell-off.

According to Coinbase, “We believe that a large portion of these funds will probably stay in the cryptocurrency ecosystem, contributing to a neutral overall effect in the market.”

It clarified that Genesis was permitted by the terms of the bankruptcy plan to either sell the shares outright and disburse the proceeds, or convert the GBTC shares into the underlying Bitcoin asset on behalf of the creditors.

This follows Digital Currency Group’s claim that Genesis, a subsidiary, has offered to pay its clients more than they are legally entitled to.

According to DCG, Genesis’ current approach would see lenders receive “hundreds of millions of dollars more than the full amount of their petition date claims,” as Cointelegraph reported on February 6.

In January 2023, Genesis filed for Chapter 11 bankruptcy in the Southern District of New York, a little more than a year ago.