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DCG Empire | Genesis Bankruptcy Reorganization, CoinDesk Rumored Sale, Grayscale Struggles with Transformation, What Other Companies Are Under Its Umbrella

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DCG Empire | Genesis Bankruptcy Reorganization, CoinDesk Rumored Sale, Grayscale Struggles with Transformation, What Other Companies Are Under Its Umbrella

DCG (Digital Currency Group) was founded by Barry Silbert in 2015. Barry Silbert was previously known as an innovator in the traditional financial markets, having founded SecondMarket in 2004, a company that provided liquidity for restricted securities of public companies, until it was acquired by Nasdaq in 2015.

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DCG Digital Currency Group was founded by Barry Silbert in 2015. Barry Silbert was previously known as an innovator in the traditional financial markets, having founded SecondMarket in 2004, a company that provided liquidity for restricted securities of public companies until it was acquired by Nasdaq in 2015.

DCG's mission is to promote the development of an optimized financial system and to support investment in Bitcoin and blockchain companies. Its subsidiaries include:

  • Genesis, an institutional lending platform: Recently announced bankruptcy restructuring, with assets and liabilities of Genesis Global Capital, LLC ranging from $1 billion to $10 billion.
  • Grayscale Investments, a closed-end fund: The largest Bitcoin fund, GBTC, has traded at a discount of over 40%. The SEC has rejected its conversion to an ETF, and Grayscale may attempt a tender offer to acquire the market GBTC and liquidate the fund. However, the official statement emphasizes that DCG's interests do not affect Grayscale's operations. Details: No sign of GBTC conversion to ETF, what choices are left for Grayscale?
  • CoinDesk, a blockchain media outlet: Rumored to be sold for $200 million, co-founder of Cardano, Charles Hoskinson, is considering acquiring CoinDesk and transforming it into a hybrid of news and community platform.
  • Foundry, a North American mining equipment manufacturer: Last November, it was still in the process of acquiring mining company Compute North's equipment and assets.
  • Luno, a cryptocurrency exchange platform: Co-founder and CTO Timothy Stranex quietly resigned in December last year after a decade of work.
  • TradeBlock, an institutional cryptocurrency trading platform: Established in 2013, it was acquired by CoinDesk in early 2021 for data products.

In addition, DCG has a sizable portfolio of investments in the cryptocurrency space: https://dcg.co/portfolio/