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DCG sells stake in Grayscale to raise funds – FT – Crypto News Aktuell in German

(Reuters) – Digital Currency Group (DCG) is selling stakes in several of its cryptocurrency funds at a deep discount and has begun divesting its holdings in investment vehicles owned by subsidiary Grayscale, the Financial Times reported on Tuesday.

Woes have mounted for SoftBank-backed DCG, whose lending unit Genesis has filed for bankruptcy protection and owes creditors at least $3.4 billion after being toppled by a market crisis along with exchange FTX and lender BlockFi.

The reported move comes as DCG is trying to raise funds to support its collapsed loan units under Genesis.

A quarter of DCG’s shares in his Ethereumfund was sold, raising up to $22 million in multiple transactions since Jan. 24, the newspaper said, citing US securities documents they viewed.

DCG has also moved to hold smaller blocks of shares in its Litecoin trust, bitcoin cash trust, for sale. Ethereum Classic Trust and Digital Large Cap Fund, the report added.

DCG and Grayscale did not immediately respond to Reuters’ request for comment.

DCG, owned by Barry Silbert, also owns Genesis portfolio of crypto companies including crypto news and events site CoinDesk and New York-based Grayscale, a major digital asset manager. These companies are not bankrupt.

(Reporting by Sneha Bhowmik and Akriti Sharma in Bengaluru; Editing by Eileen Soreng)

Source: Crypto News Deutsch

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