DCG Fire Sale
Digital Currency Group (DCG) began the process of rebalancing its portfolio after Genesis, a company under its umbrella, filed for chapter 11 bankruptcy. It looks like the company is specifically targeting the elephant piggy bank in the room–Grayscale Bitcoin Trust (GBTC), which manages a total of over $10 billion worth of assets.
The first digital asset to be sold at a discount is its Ethereum fund, with shares selling for $8 per share even when each share’s claim is $16 worth of Ether. The plan is to sell a quarter of its stock for upwards of $22 million.
On Monday, DCG and Genesis agreed with creditors that it would sell Genesis crypto trading business and its leading arm.