“In recent days, there has been chatter about intercompany loans between Genesis Global Capital and DCG,” Silbert wrote. “For those unaware, in the ordinary course of business, DCG has borrowed money from Genesis Global Capital in the same vein as hundreds of crypto investment firms. These loans were always structured on an arm’s length basis and priced at prevailing market interest rates. DCG currently has a liability to Genesis Global Capital of ~$575 million, which is due in May 2023. These loans were used to fund investment opportunities and to repurchase DCG stock from non-employee shareholders in secondary transactions previously highlighted in quarterly shareholder updates.”
Related posts
-
Republic First Bank Fails, Triggers Minor Crypto Market Downturn Amid Banking Sector Concerns
The United States witnessed its first banking failure of... -
Swiss National Bank Chief Raises Concerns About Adding Bitcoin to Currency Reserves
The chairman of the Swiss National Bank has expressed reservations about incorporating bitcoin into the central... -
Pantera Capital Wins Bid To Purchase a Stash of Discounted Solana From Bankrupt Crypto Exchange FTX: Report
Crypto asset manager Pantera Capital has reportedly won a bid to purchase discounted Solana (SOL) from...