Digital Currency Group (DCG) Start Selling Asset Ownership, Healthy Crypto Market?

Digital Currency Group is shaken. (Photo; Doc. Coinpedia)

JAKARTA The Digital Currency Group (DCG), a well-known crypto conglomerate, has started selling some of its holdings at lower prices. A new report from the Financial Times shows that this move was taken as part of DCG's efforts to raise enough capital to address the amount of debt to creditors after Genesis' subsidiary filed for bankruptcy protection.

According to a US securities filing, the sale is part of a portfolio rebalanced by the group. DCG holds ownership in Grayscale, a digital asset manager and subsidiary, largely a business strategy.

DCG's current financial condition worsened after crypto lender Genesis Global filed for bankruptcy protection for Chapter 11 in New York last month, escalating the crisis in the US group that owes creditors more than $3 billion.

According to Coinpeaker, to raise funds, DCG is reportedly considering full sales or part of its news website, CoinDesk. And another report shows that DCG is also planning to release several US$500 million worth of venture portfolios (approximately Rp7.5 trillion). However, DCG's decision to sell the shares held with Grayscale appears to be his last resort.

For information, the Digital Currency Group (DCG) is a venture capital company investing and building a business in cryptocurrency, and a company linked to blockchain.

According to a Coineeek report, the Digital Currency Group (DCG) is one of the companies that controls "big technology" and "old money" in the BTC economy. They are a conglomerate of venture capitalist groups founded in 2015 and managed by well-known investment banker Wall Street, Barry Silbert, with funds from Mastercard, Bain Capital, Transjuang Ventures, CME Ventures, FirstMark Capital, and New York Life.