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DCG

Digital Currency Group (DCG) Completes $700 Loan Repayment To Genesis Exchange

Semilore Faleti
by Semilore Faleti
1 year ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Venture capital firm Digital Currency Group (DCG) has completed a $700 million payment to its subsidiary company Genesis Global Capital (GGC) as a settlement of its short-term loans from the now-bankrupt crypto lending platform. This development comes four months after Genesis filed a lawsuit against DCG and one of the company’s affiliates regarding the repayment of overdue loans. 

Related Reading: Genesis Launches New Lawsuit Against Gemini For ‘Unfair’ $700M Transfers Before Bankruptcy

DCG Clears $1 Billion Debt Amidst Crypto Headwinds

According to a statement on January 5, Digital Currency Group stated it has now cleared over $1 billion in debt in the last year, including a full loan repayment of $700 million to Genesis. Commenting on this development, the company’s CEO, Barry Silbert, has expressed much relief on X as he claims the venture firm faced significant obstacles in achieving such a feat.

Silbert said: 

I’m happy to share that  @DCGco  completed a full paydown of the money borrowed from Genesis. We have now repaid over $1 bn of debt, including this ~$700 mm, despite the headwinds faced by the industry. I’m excited about the industry’s next chapter and DCG’s leadership role in it.

DCG’s loan repayment to Genesis is particularly significant due to the relationship between both companies, a previous lawsuit, and the bankruptcy status of GGC. 

In September 2023, Genesis charged DCG to court over non-payment of four loans valued at $500 million. The defunct lender had also launched a separate lawsuit looking to recover 4,550 Bitcoin, worth $117 million, from DCG-affiliated company Digital Currency Group International Investments (DCIG). 

Following negotiations between both parties, DCG agreed on a repayment structure with Genesis in November to pay an immediate amount of $200 million. The repayment company also made a promise to have cleared all outstanding loans by April 2024 as it has now done. 

Related Reading: Genesis Reaches $1 Billion Settlement With Bankrupt Hedge Fund 3AC

DCG Retains Ownership Stake In Genesis

In other news, Digital Currency Group will also keep its current ownership stake in Genesis until the finalization of the crypto lender’s bankruptcy process. According to a court order, Digital Currency Group keeping its ownership shares in Genesis at 80% or above will allow the company to remain within DCG’s tax-consolidated group. 

This arrangement protects Genesis against potential federal net operating loss carryforward (NOLs) of $700 million. These potential tax savings are critical to Genesis’s financial position as the crypto firm navigates through its bankruptcy proceedings.

Genesis filed for Chapter 11 bankruptcy in January 2023 following losses from the collapses of the FTX exchange and Three Arrows Capital. The company owes over $3.5 billion to numerous creditors, most notably the Gemini exchange. 

DCG

BTC trading at $44,062 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from BBC, chart from Tradingview
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Semilore Faleti

Semilore Faleti

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Semilore Faleti works as a crypto-journalist at Bitconist, providing the latest updates on blockchain developments, crypto regulations, and the DeFi ecosystem. He is a strong crypto enthusiast passionate about covering the growing footprint of blockchain technology in the financial world.

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