Genesis moves $760m BTC to Coinbase amid sell-off

A wallet linked to crypto lender Genesis has transferred 12,600 Bitcoin (BTC) worth approximately $760 million to crypto exchange Coinbase.

On-chain data tracked by Arkham shows the addressed labeled “Genesis Trading” moved the funds to the exchange amid the broader market sell-off witnessed over the past month. The wallet’s holdings have shrunk from 46,000 BTC in mid-June, and currently has around 33,356 BTC.

Genesis received approval to repay $3 billion to creditors

This amount is not as much as the over 43,000 BTC dump that the German government has so far hit the market with. It’s also meager compared to the anticipated $8-$9 billion that Mt.Gox anticipates to distribute to customers.

However, given the wallet still holds more than 33,350 BTC worth over $1.9 billion, its likely sell-off pressure will continue as Genesis sells its bitcoins to repay its customers.

The company received a court approval in May 2024 to proceed with the repayment of its customers following bankruptcy proceedings.

The approval allowed Genesis Global to distribute $3 billion in cash and crypto to its customers, a move that saw assets frozen since November 2022 unlocked. Genesis appears to have been selling these assets, including Bitcoin to repay creditors.

New York Attorney General Letitia James also announced in May that Genesis had reached a settlement and would pay $2 billion to customers of its lending program.

Genesis wallet still holds $2.3 billion in digital assets

Other than Bitcoin, the Genesis Trading wallet holds other digital assets such as $364 million in Ethereum (ETH) and $5.3 million worth of Compound (COMP).

The wallet also holds USDC worth $2.64 million, Tron (TRX) worth $1.92 million, The Sandbox (SAND) worth $1.82 million and The Graph (GRT) worth $1.74 million at the time of writing.

In total, the wallet still holds about $2.34 billion worth of digital assets.