The wallet’s holdings have decreased significantly from 46,000 BTC in mid-June to around 33,356 BTC at present. Despite this drop, it still holds over 33,350 BTC, equivalent to more than $1.9 billion.
This reduction is modest in comparison to the expected $8-$9 billion that Mt.Gox plans to distribute to its customers. The pressure for further sell-offs is likely, as Genesis continues to sell its bitcoins to repay customers.
Genesis Global’s approved distribution of $3 billion in cash and cryptocurrency to its customers, after assets were frozen since November 2022, has led to this selling activity. The wallet also contains other assets, including USDC, Tron (TRX), The Sandbox (SAND), and The Graph (GRT), with a total value of about $2.34 billion.
In essence, Genesis is selling these assets, including Bitcoin, to compensate creditors.