Grayscale operates the Grayscale Bitcoin Trust (GBTC), which has $10 billion-plus in assets under management.

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.

A Bernstein report had earlier said saving Grayscale would come at a cost for DCG.

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Digital Currency Group, Genesis’ parent company, is reportedly looking to sell some of its venture-capital portfolio, worth around $500 million.

Troubled crypto lender Genesis owes its creditors over $3 billion prompting its parent company, Digital Currency Group, to look at asset sales to pay off the debt, the Financial Times reported on Thursday, citing sources.

DCG is considering offloading some of its venture-capital portfolio, worth around $500 million, the report said. The sale is part of DCG’s effort to raise fresh capital after Genesis stopped withdrawals late last year.

Its portfolio includes crypto exchanges like Coinbase (COIN), Kraken and Blockchain.com, and the now bankrupt FTX. DCG’s assets are illiquid, however, and will likely take some time to sell, the report added.

Tensions between DCG and Genesis creditors have been running high with Gemini co-founder Cameron Winklevoss even calling for DCG CEO Barry Silbert’s ouster earlier this week.

The post Crypto Lender Genesis Owes Creditors Over $3B: FT appeared first on Crypto Insider.

• Digital Currency Group Raises $700M in Investment Round Led by SoftBank, Attains $10B Valuation

• The round included contributions from GIC Capital, Ribbit Capital and CapitalG, the private equity arm of Google’s holding company, Alphabet.

Digital Currency Group (DCG), the crypto venture capital company whose holdings include asset manager Grayscale and CoinDesk, raised $700 million in an investment round led by SoftBank.

The round valued the firm at $10 billion and included contributions from GIC Capital, Ribbit Capital and CapitalG, the private equity arm of Google’s holding company, Alphabet, the Wall Street Journal reported.

Marcelo Claure, chief executive of SoftBank, described DCG as the “single-best asset that gives us the diversity of exposure to crypto, A-Z.”

As well as being the parent company of CoinDesk, DCG counts digital asset management firm Grayscale and crypto lender Genesis Trading among its subsidiaries.

SoftBank’s previous forays into crypto include blockchain analytics firm Elliptic and Block.one’s new subsidiary crypto exchange, Bullish.

By Jamie Crawley

The post How DCG raised $700 million in an investment round appeared first on Crypto Insider.