{"id":74748,"date":"2023-02-28T12:33:29","date_gmt":"2023-02-28T10:33:29","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=74748"},"modified":"2025-09-09T22:03:32","modified_gmt":"2025-09-09T19:03:32","slug":"digital-currency-group-reports-a-1-1-billion-loss-for-2022","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/digital-currency-group-reports-a-1-1-billion-loss-for-2022\/","title":{"rendered":"Digital Currency Group reports a $1.1 billion loss for 2022"},"content":{"rendered":"

The Digital Currency Group (DCG) reported a net loss of $1.1 billion and $262 million in cash and cash equivalents in its 2022 results, as reported by CoinDesk<\/a>.<\/p>\n

Consolidated revenue came in at $719 million.<\/p>\n

\n

“In addition to the decline in crypto asset prices, the results reflect the impact of the Three Arrows Capital default<\/em><\/a> on Genesis<\/em>“,<\/em> \u2014 according to an investor presentation.<\/p>\n<\/blockquote>\n

DCG’s assets stood at $5.3 billion, of which $670 million were investments, reflected as Mark to Market<\/a>. The latter category includes acquired tokens, shares of the subsidiary Grayscale Investments, investments in venture firms and funds.<\/p>\n

The document provides an independent valuation of DCG at $2.2 billion. It broadly aligns with a 75-85% decline in sector equity values for the same period. In November 2021 the holding valued at $10 billion<\/a>.<\/p>\n

The report notes that DCG has achieved progress in restructuring Genesis, signing a preliminary agreement<\/a> with some major creditors.<\/p>\n

The agreements envisage the gradual write-off of Genesis’s portfolio and the sale of insolvent structures.<\/p>\n

The terms also include refinancing from May 2023 to June 2024 of outstanding loans from the subsidiary to DCG, about $500 million in fiat and about $100 million in Bitcoin.<\/p>\n

The agreement includes recognition of a 10-year note for $1.1 billion, issued by Genesis’s parent, as part of equity in the form of convertible preferred shares.<\/p>\n

Finalising the deal documents and securing support for the restructuring plan is expected to take several months, according to the presentation.<\/p>\n

The creditor group has been negotiating on behalf of corporate and individual creditors with total claims against Genesis of roughly $2.4 billion. The proposed deal will be presented to other interested parties, including hundreds of thousands of Gemini Earn customers<\/a>.<\/p>\n

On November 16, 2022, Genesis Global Capital froze withdrawals<\/a> and the issuance of new loans. The firm cited heightened client requests after the FTX collapse<\/a>.<\/p>\n

In January, Genesis Global Holdco and its subsidiaries Genesis Asia Pacific and Genesis Global Capital filed for bankruptcy<\/a>. According to media reports, their liabilities exceed $3 billion<\/a>.<\/p>\n

Earlier it emerged that DCG was considering the sale of CoinDesk, which it owns, amid the financial distress of other group entities.<\/p>\n

The company began selling<\/a> shares in some of the largest crypto funds managed by Grayscale Investments at a significant discount, according to media reports.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Digital Currency Group (DCG) reported a net loss of $1.1 billion and $262 million in cash and cash equivalents in its 2022 report, as reported by CoinDesk.<\/p>\n","protected":false},"author":1,"featured_media":74749,"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":[184,1211],"class_list":["post-74748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-dcg","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"41","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/74748","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=74748"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/74748\/revisions"}],"predecessor-version":[{"id":74750,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/74748\/revisions\/74750"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/74749"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=74748"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=74748"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=74748"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}