DCG has sold about a quarter of its Grayscale Ethereum Trust shares at half price, raising $22 million

2023-02-07 13:30:50

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According to ChainCatcher, citing U.S. securities filing documents reported by the Financial Times, Digital Currency Group (DCG) has begun selling its shares in its subsidiary Grayscale's crypto trust funds to raise funds to repay Genesis creditors.

The documents show that since January 24, DCG has primarily sold a quarter of the Ethereum Trust, raising up to $22 million, with a selling price of about $8 per share, significantly lower than the market price of $16 per share. In addition, DCG has also started selling smaller shares in its Litecoin Trust, Bitcoin Cash Trust, Ethereum Classic Trust, and Digital Large Cap Fund.

Earlier, ChainCatcher reported that DCG reached a principle agreement with Genesis creditors (holding or representing over $2 billion in claims) to exchange $1.1 billion in bonds maturing in 2032 for convertible preferred shares issued by DCG as part of Genesis's bankruptcy plan. (source link)

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