Parent company Digital Currency Group would turn its equity in Genesis Global Trading over to a holding company as part of an effort to sell both firms.

Genesis Global Holdco, which filed for bankruptcy protection last month, unveiled the final details of a proposed plan to sell itself off alongside Genesis Global Trading to help parent Digital Currency Group pay off some of the firm’s creditors.

According to a proposal filed with a bankruptcy court on Friday, DCG will turn its equity in Genesis Global Trading over to Genesis Global Holdco, as part of an effort to sell both companies, and restructure an existing loan.

CoinDesk, which is also a subsidiary of DCG, first reported that the companies were negotiating a deal on Monday.

One of the sale process milestones would be the “equitization” of Genesis’ assets, to be mutually agreed by Genesis, GGC creditors, the Ad Hoc Group Advisors and DCG.

“‘Equitization’ means, if the Sale Process does not result in the sale of all or substantially all of the assets of Genesis, a restructuring under the Amended Plan pursuant to which the GGC Creditors will receive, among other things, one hundred percent (100%) of the equity in reorganized GGH, subject to dilution by a management incentive program that may be implemented with the approval of the Bankruptcy Court, upon notice and hearing,” the filing said.

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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

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