Genesis Trading demands to repay the debt from Digital Currency Group in the amount of $570 million
2022.11.22 15:18
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Genesis Trading demands to repay the debt from Digital Currency Group in the amount of $570 million
Budrigannews.com – In a letter to shareholders on Tuesday afternoon, CEO Barry Silbert stated that Genesis’ crypto lending arm owes $575 million to venture capital firm Digital Currency Group, which owns Grayscale and Genesis Trading.
In the letter seen by Budrigannews, Silbert stated that loans from Genesis Global Capital were used to “fund investment opportunities” and repurchase stock from non-employee shareholders. Genesis Global Capital suspended customer withdrawals last week.He added that the debt is due in May 2023.
A $350 million credit facility from “a small group of lenders” led by Eldridge is Digital Currency Group’s only debt.
According to Silbert, the company is on track to generate $800 million in revenue this year.
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