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DCG has sold about a quarter of its Grayscale Ethereum Trust stake at half price, raising $22M
07/02/2023 13:20
Digital Currency Group (DCG) has begun selling its stake in its subsidiary Grayscale Encryption Trust to raise funds to repay Genesis creditors, the Financial Times reported, citing U.S. securities filings. Documents show that since January 24, DCG has mainly sold a quarter of the Ethereum Trust Fund, raising as much as $22 million, selling for about $8 per share, well below the market price of $16 per share. Additionally, DCG has also started selling smaller stakes in its Litecoin Trust, Bitcoin Cash Trust, Ethereum Classic Trust and Digital Large Cap Fund. Foresight News previously reported that DCG and Genesis creditors (holding or representing more than US$2 billion in claims) have reached an agreement in principle that DCG will exchange US$1.1 billion in bonds due in 2032 for convertible preferred shares issued by DCG as Part of Genesis' bankruptcy plan.
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