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Crypto News: In a big move, Digital Currency Group, a Capital market company is reportedly caught selling its stakes in one of the world’s largest digital asset trusts. DCG began to offload its shares in several funds in order to pay back creditors of its bankrupt lending arm, Genesis.
Digital Currency Group Sliding Into Bankruptcy?
As per reports, US securities filings reveal that DCG is selling its holdings in several funds handled by Grayscale. However, this move comes in as the Digital Currency Group struggles to raise funds to support Genesis.
DCG’s sell off action is enough to shake the investors’ sentiments towards the crypto market as the Capital market firm is one of the oldest and largest ones to infuse funds in digital assets. However, the largest crypto prices have already registered a massive slump over the past year. Read More Crypto News Here….
The complication building up for the DCG can be alarming bell for its investors which holds names biggies like Softbank, GIC and Alphabet’s venture capital arm CapitalG. While Grayscale is a leading Digital asset investment firm that is a gateway for earning hundreds of millions of dollars for Digital Currency Group.
Ethereum Fund In Danger?
It is important to note that DCG is selling stakes in Grayscale when its share has dipped considerably over the past two years. As per reports, Digital Currency Group is focusing on the Ethereum fund in this major sell off.
The capital group has moved on to sell about one fourth of its stakes since January 24 in order to raise $22 million. The company is reported selling shares at $8 while each share claim stands to be $16. However, DCG stated that this is a part of their ongoing portfolio rebalancing. While Digital Currency Group last sold its Ethereum Trust shares in 2021.
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