According to the Financial Times, Digital Currency Group (DCG) is selling at a significant discount some of the most liquid assets managed by Grayscale.
According to the Financial Times, DCG has begun selling at a deep discount on assets managed by its subsidiary Grayscale. The main reason for this move is the bankruptcy of the Genesis lending division, which owes more than $3.4 billion to creditors. DCG hopes to raise funds to restructure the debt obligations of its lending division.
The company has already sold a quarter of the shares of its Ethereum Trust fund, earning about $22 million from the deal. DCG sold the shares for about $8, despite having a market value of about $16. In addition, the company began selling small stakes in Litecoin Trust, Bitcoin Cash Trust, Ethereum Classic Trust and Digital Large Cap Fund.
To raise additional funds, last month DCG hired consulting firm Lazard to help sell news portal CoinDesk. As previously reported by the Financial Times, the company is also looking to sell a portion of its venture capital portfolio for about $500 million more.
Source: Bits
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