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Scepticism Around Genesis Lessens As Grayscale Bitcoin Trust (GBTC) Surges

Following the investment of the chief executive officer of Ark Invest, Catherine Duddy Wood, popularly known as “Cathie Wood,” scepticism and doubts that had earlier befuddled the financial institution, Genesis Global Trading, have begun to clear.

Following the investment, the Grayscale Bitcoin Trust (GBTC) had gone from 46% to 40%. It appears as if the single act of Cathie Wood has reinforced the investors’ faith and belief in Genesis Global Trading, at least for the time being.

Genesis Global Trading Enjoys New Air

Recently, times have not been really good for the famous financial institution, Genesis Global Trading, and the tale of imminent bankruptcy has continued to be associated with them. 

The efforts of the company and the chief executive officer of Digital Currency Group, Barry Silbert, have done little to nothing to allay the fears of investors and spectators. However, that soon changed after the involvement of Cathie Wood.

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Cathie Wood, who had earlier this week predicted that the price of Bitcoin will hit $1 million by 2030, has gone on to acquire the Grayscale Bitcoin Trust (GBTC) shares as the rate fell to 46%.

The chief executive officer of Ark Invest has gone on to get herself a whopping quantity of GBTC shares. On November 15, she purchased 315,259, and barely a week later, on November 22, she made another 176,945 purchases.

Catherine Duddy Wood, who could be referred to as an authority in the investment space, has successfully improved the general outlook of Genesis with her singular act. Not only did the GBTC rate fall to 40% as opposed to the initial record of 46%, but by purchasing the GBTC shares, she indirectly endorsed Genesis. 

A New Dawn For Genesis?

It appears that things may be actually looking up for Genesis Global Trading. The company, which has had the news of a bankruptcy threat following them for a while now, is currently seeking a loan of $500 million after failing to secure the initial $1 billion.

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Although Barry Silbert, the chief executive officer of Digital Currency Group, has continued to try to allay the fears of investors, many have tagged his actions as simply being overly optimistic in the face of reality. 

However, with the new look of things, maybe the company is finally recovering from FTX’s fall after all; time will give us a befitting answer.


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Jimmy Kelly

Jimmy is one of the news journalists for Tokenhell. He is a big crypto enthusiast and bought his first crypto token way back in 2015! Jimmy publishes updates about crypto tokens, events, price analysis and regulation among many other subjects.

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