It’s selling them at discounts steeper than Mount Everest.DCG is offloading holdings in some primo crypto funds.As a treat.Ģ/ DCG is selling shares in crypto trusts that are operated by Grayscale And DCG will sell its equity in Genesis’ trading arm to Genesis’ holding company (that means mas dollars for Genesis to pay people back with)ĪND Gemini is coughing up $100M more for Earn users to get their moolah back ASAP.It’s also gonna refinance its 2023 term loans and pay out $500M to creditors.DCG will convert that $1.1B 10-year IOU to Genesis into convertible preferred stock (“safer” shares with fixed rates of return that can convert into common stock).It’s not legally enforceable, so for now it’s simply a “critical step forward towards a substantial recovery of assets for all Genesis creditors.” Kinda like how an Edible Arrangement is aaaaaalmost a worthy V-Day gift but isn’t (do better, gents.) They specifically have an “agreement in principle,” legal-speak for a tentative deal that’s aaaaaalmost a contract but isn’t. Let’s unpack this, school lunchbox-style.ġ/ Cameron Winklevoss tweeted Monday that him and his twin’s crypto exchange, Gemini, have an understanding with Genesis Now Genesis & DCG are trying to raise funds to repay creditors $3.5B. It’s been an Ultimate Showdown between Gemini/the Winklevii and Genesis, its parent company DCG, and CEO Barry Silbert ever since.
Y’all ready for The Winklevii & Genesis Chronicles: Part 46?īecause boy, do we have some developments for you:ġ) Gemini and bankrupt lender Genesis have a quasi agreement to start paying creditors backĢ) Digital Currency Group is selling, at a discount, a bunch of holdings in trusts run by its subsidiary Grayscaleįor a recap, Gemini chose Genesis as its lending partner for its Earn program, which let users earn interest on crypto they put on the platform.īut Genesis went kersplat, leaving Gemini high and dry with a ~$900M hole.
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