{"id":72448,"date":"2023-01-12T17:43:06","date_gmt":"2023-01-12T15:43:06","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=72448"},"modified":"2025-09-08T15:17:23","modified_gmt":"2025-09-08T12:17:23","slug":"financial-times-genesis-global-capital-owes-creditors-more-than-3-billion","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/financial-times-genesis-global-capital-owes-creditors-more-than-3-billion\/","title":{"rendered":"Financial Times: Genesis Global Capital owes creditors more than $3 billion"},"content":{"rendered":"<p>Genesis Global Capital&#8217;s debt load exceeds $3 billion. As part of capital-raising efforts, the parent group <span data-descr=\"Digital Currency Group\" class=\"old_tooltip\">DCG<\/span> is considering selling assets worth $500 million from its venture investment portfolio, according to the <a href=\"https:\/\/www.ft.com\/content\/eb22bfab-ef05-48ce-83de-ebb904a35dca\">Financial Times<\/a>, citing informed sources.<\/p>\n<p>The portfolio includes 200 holdings in projects such as Coinbase, Kraken, FTX and Blockchain.com.<\/p>\n<p>According to the publication&#8217;s sources, these investments are valued at roughly $500 million, but they are illiquid \u2014 it will take time to find a buyer.<\/p>\n<p>Earlier this year, DCG <a href=\"https:\/\/u1f987.com\/en\/news\/digital-currency-group-closes-hq-digital-unit\"> announced the closure<\/a> of its subsidiary HQ Digital, which specialized in asset management. Genesis Trading<a href=\"https:\/\/u1f987.com\/en\/news\/digital-currency-group-closes-hq-digital-unit\"> cut 30% of its staff<\/a>.<\/p>\n<p>The firm and Digital Currency Group <a href=\"https:\/\/u1f987.com\/en\/news\/ft-reports-genesis-and-dcg-owe-gemini-clients-900-million\">owed<\/a> Gemini&#8217;s clients $900 million.<\/p>\n<p>Cameron Winklevoss, co-founder of the latter, in another open letter<a href=\"https:\/\/u1f987.com\/en\/news\/cameron-winklevoss-urges-barry-silbert-to-resign\"> urged<\/a> Barry Silbert, DCG&#8217;s chief, to step down. The public dispute has heightened concerns that Genesis may file for bankruptcy.<\/p>\n<p>In November, the platform <a href=\"https:\/\/u1f987.com\/en\/news\/nyt-genesis-does-not-rule-out-bankruptcy\"> did not rule out<\/a> this scenario in an attempt<a href=\"https:\/\/u1f987.com\/en\/news\/genesis-global-capital-sought-emergency-financing-of-1-billion-reports-say\"> to raise financing<\/a>. Such a move sparked concerns about the resilience of the parent DCG<\/a> and the future <a href=\"https:\/\/u1f987.com\/en\/news\/bernstein-analysts-flag-possible-liquidation-of-the-grayscale-bitcoin-trust\"> of the <span data-descr=\"Genesis Bitcoin Trust\" class=\"old_tooltip\">GBTC<\/span><\/a> \u2014 the &#8220;cash cow&#8221; of Silbert&#8217;s empire.<\/p>\n<p>As Bloomberg reported, in January, <span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span> and the U.S. Department of Justice <a href=\"https:\/\/u1f987.com\/en\/news\/journalists-report-that-us-authorities-are-investigating-dcgs-activities\">began examining<\/a> the nature of the relationship between Digital Currency Group and Genesis Global Capital.<\/p>\n<p>Bernstein floated the possibility of liquidating the Grayscale Bitcoin Trust as a remedy for DCG&#8217;s &#8220;problem&#8221;.<\/p>\n<p>Read ForkLog&#8217;s bitcoin news on our Telegram \u2014 cryptocurrency news, rates and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Genesis Trading&#8217;s debt load exceeds $3 billion. As part of capital-raising efforts, the parent DCG is considering selling assets worth $500 million from its venture investment portfolio, according to the Financial Times, citing informed sources.<\/p>\n","protected":false},"author":1,"featured_media":72449,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,184,1380],"class_list":["post-72448","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-dcg","tag-genesis-global-capital"],"aioseo_notices":[],"amp_enabled":true,"views":"38","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72448","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=72448"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72448\/revisions"}],"predecessor-version":[{"id":72450,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/72448\/revisions\/72450"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/72449"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=72448"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=72448"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=72448"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}