To pay creditors, the company Digital Currency Group (DCG) is reportedly selling its stake at Grayscale Trust, according to a Tuesday report by Financial Times.
The bankrupt Genesis Trading is an arm of DCG, Genesis dragged DCG into a financial crisis some weeks ago after halting withdrawals on its earn program and subsequently filed for creditors’ protection, an event that was spurred by the Three Arrows Capital bankruptcy and FTX exchange downfall.
Citing a US securities filing, the Financial Times, DCG is looking to raise funds to tackle the current financial crisis it is facing, and as part of the measure it is taking, it has however commenced selling off its shares in Grayscale Trust.
As per the report, the company is selling the shares at a discount rate of $8, this is a sale of about a 50% discount on its Ether shares.
Grayscale is a subsidiary of DCG and an asset manager which manages several assets including Bitcoin, Ether, and other crypto assets. Investors invest with Grayscale by buying shares from the company.
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