Genesis: May file for bankruptcy if it can't raise enough money

Funding for Genesis' lending unit is facing difficulties, with the company warning potential investors that it could file for bankruptcy if it can't raise funds. It is reported that its financing target has been halved from US$1 billion to US$500 million. Parent company DCG is reluctant to sell part of its venture portfolio and has no plans to sell another company, Grayscale, the sources added. Bloomberg quoted a statement from Genesis saying it had no "immediate" plans to file for bankruptcy and was working to resolve the issues it was facing. According to previous news, Genesis Trading has suspended redemption and new loan issuance. DCG said that the business operations of other wholly-owned subsidiaries have not been affected, and DCG has injected $140 million in equity to Genesis Trading.

Subscribe to Damons
Receive the latest updates directly to your inbox.
Mint this entry as an NFT to add it to your collection.
Verification
This entry has been permanently stored onchain and signed by its creator.