Barry Silbert, CEO, also admitted to intercompany loans between subsidiaries, including $575 Million that DCG borrowed form Genesis.
Key TakeawaysDigital Currency Group revealed in a shareholder letter that it borrowed $575 million from Genesis Global Capital. This subsidiary is its subsidiary.
Silbert also revealed that a $1.1 billion promissory notes was connected to the collapse at Three Arrows Capital.
DCG also has a credit facility of $350 million from Eldridge Industries, a group led by Eldridge Industries.
Share this articleDigital Currency Group (DCG), currently has $2 billion worth loans, according to a letter sent today to shareholders. The letter also revealed that Digital Currency Group’s subsidiary, Genesis Global Capital, had lent more than half of a million dollars to DCG. Silbert wrote that DCG currently owes Genesis Global Capital a liability of $575million, due May 2023. The financial relationship between the two companies has been controversial. Genesis stopped withdrawing funds on November 16. Genesis stopped withdrawing funds on November 16. This promissory note, due in June 2032, is linked to the collapse at Three Arrows Capital (3AC). Silbert explained that DCG “stepped in” and assumed certain liabilities from Genesis following the collapse at Three Arrows Capital (3AC) and is due in June 2032. Today, Silbert tried to reassure clients that DCG (and its subsidiaries) remain stable. Today, Silbert tried to reassure clients that DCG and its subsidiaries are stable. Decentral Media, Inc. does not provide investment advice. We do not provide personalized investment advice or any other financial advice. This website’s information is subject to change at any time. The information on this website could become obsolete or incorrect. You may not be able to update any information that is outdated, incomplete or inaccurate. We also reserve the right to change any information that is incorrect, incomplete or outdated. If you need investment advice about an ICO, IEO or other investment, we strongly recommend that you consult a licensed financial advisor or other qualified financial professional. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.See full terms and conditions.Recommended News