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DCG Sells Grayscale Crypto Trust Shares to Raise Capital - FT

Aria Thomas

Feb 08, 2023 14:18

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The Financial Times reported on Tuesday that Digital Currency Group (DCG) is selling shares in some of its cryptocurrency funds at substantial discounts and has begun unloading its stakes in investment vehicles managed by affiliate Grayscale.


DCG, which is financed by SoftBank Group Corp, has suffered a series of setbacks, including the bankruptcy filing of its lending business Genesis, which owes creditors at least $3.4 billion. Genesis was brought down by a market collapse that also swept up exchange FTX and lender BlockFi.


DCG is reportedly attempting to raise funding to support its defunct lending operations under Genesis.


"This is merely part of our regular portfolio rebalancing," a DCG representative told Reuters in an email statement.


Grayscale did not reply quickly to a request for comment from Reuters.


Since January 24th, a fourth of DCG's ethereum fund shares have been sold, raising as much as $22 million in multiple trades, according to a publication citing U.S. regulatory records viewed by it.


According to the article, DCG has also taken steps to sell smaller blocks of shares in its Litecoin Trust, Bitcoin Cash Trust, Ethereum Classic Trust, and Digital Large Cap Fund.


In addition to Genesis, Barry Silbert's DCG manages a portfolio of crypto firms, including CoinDesk and Grayscale, a significant digital asset management company based in New York.


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