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  4. Digital Currency Group owes $575 million to Genesis Trading's crypto lending arm
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Digital Currency Group owes $575 million to Genesis Trading's crypto lending arm

By Hannah Lang (Reuters) - Venture capital company Digital Currency Group, which owns Genesis Trading and cryptocurrency asset manager Grayscale, is owed $575 million by Genesis'...
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Digital Currency Group owes $575 million to Genesis Trading's crypto lending arm © Reuters. FILE PHOTO: Representations of virtual cryptocurrencies are placed on U.S. dollar banknotes in this illustration taken November 28, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

By Hannah Lang

(Reuters) - Venture capital company Digital Currency Group, which owns Genesis Trading and cryptocurrency asset manager Grayscale, is owed $575 million by Genesis' crypto lending arm, Chief Executive Barry Silbert said in a letter to shareholders on Tuesday afternoon.

Loans from Genesis Global Capital, which suspended customer withdrawals last week, were used to "fund investment opportunities" and repurchase stock from non-employee shareholders, Silbert said in the letter, which was seen by Reuters. That debt is due in May 2023, he added.

Aside from the money owed to Genesis, Digital Currency Group's only debt is a $350 million credit facility from "a small group of lenders" led by investment firm Eldridge, as well as a $1.2 billion claim it filed in July against bankrupt crypto hedge fund Three Arrows Capital. Digital Currency Group (DCG) had assumed that liability from Genesis.

DCG is still on pace to do $800 million in revenue this year, Silbert said.

In suspending redemptions and pausing new loans, Genesis Global Capital cited the "unprecedented market turmoil" that rippled through the market after crypto exchange FTX filed for bankruptcy. At the time, DCG said the halted withdrawals at Genesis had no impact on its operations or subsidiaries.

Silbert also told shareholders he appreciated words of support "along with offers to invest in DCG" and that he would notify investors if the company decides to do a funding round. Genesis is seeking to raise as much as $1 billion, and has approached crypto exchange Binance and asset manager Apollo Global Management (NYSE:APO) for assistance, the Wall Street Journal reported on Monday.

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01-05-2024 10:45:17 (UTC+7)

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 EUR/USD1.0658↑ Sell
 GBP/USD1.2475↑ Sell
 USD/JPY157.91↑ Buy
 AUD/USD0.6469Neutral
 USD/CAD1.3780↑ Buy
 EUR/JPY168.32↑ Buy
 EUR/CHF0.9808Neutral
 Gold2,295.80↑ Sell
 Silver26.677↑ Sell
 Copper4.5305↑ Buy
 Crude Oil WTI81.14↑ Sell
 Brent Oil85.62↑ Sell
 Natural Gas1.946↑ Sell
 US Coffee C213.73↑ Sell
 Euro Stoxx 504,920.55↑ Sell
 S&P 5005,035.69↑ Sell
 DAX17,921.95↑ Sell
 FTSE 1008,144.13Sell
 Hang Seng17,763.03↑ Sell
 Small Cap 20001,973.05↑ Sell
 IBEX 3510,854.40Neutral
 BASF49.155↑ Sell
 Bayer27.35↑ Sell
 Allianz266.60↑ Sell
 Adidas226.40↑ Sell
 Lufthansa6.714Neutral
 Siemens AG175.90↑ Sell
 Deutsche Bank AG15.010Neutral
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