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DCG Is Selling Holdings in Grayscale: Financial Times

Digital Currency Group (DCG) has started selling holdings in several investment vehicles run by its subsidiary and digital assets manager Grayscale at a steep discount, according to a Financial Times report citing U.S. securities filings.

Grayscale operates the Grayscale Bitcoin Trust (GBTC), which has $10 billion-plus in assets under management and was late last year trading at a record discount to net asset value, although that discount has fluctuated recently. Grayscale, Genesis and CoinDesk share the same parent company in DCG.

On Jan. 20 this year, Genesis Global Holdco LLC, the holding company of cryptocurrency lender Genesis Global Capital, filed for Chapter 11 bankruptcy protection in New York, after being hit by the crypto contagion of 2022, which was exacerbated by the implosions of hedge fund Three Arrows Capital and crypto exchange FTX.

On Monday, CoinDesk reported that DCG and Genesis reached an agreement with a key group of creditors intending to sell its subsidiary Genesis' crypto trading business as well as its lending arm, which is restructuring through bankruptcy.

According to the FT report citing filings, DCG's recent share sales have focused on the ethereum fund, where the group has moved to sell about a quarter of its stock to raise as much as $22M in several trades since January 24. The company is selling at about $8 per share, despite each share's claim to $16 of ether.

"This is simply part of our ongoing portfolio rebalancing," DCG said., according to FT.

(By Amitoj Singh)

Related News:

Bankrupt Lender Genesis and Parent DCG Reach Initial Agreement With Main Creditors: Source

Grayscale Sued by Osprey Funds for Misleading Advertising on GBTC’s Conversion into an ETF

Grayscale CEO Says GBTC Investors Will Receive Tender Offer if SEC Fails to Approve ETF

Grayscale Slams SEC's 'Unreasonable' Barring of Spot Bitcoin ETFs

Cameron Winklevoss Threatens Legal Action Against DCG CEO After Genesis Bankruptcy

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