newsycanuse

Genesis Global Capital Is Reportedly Preparing For A Bankruptcy Filing

Genesis
  • Genesis Global Capital is reportedly preparing to file for bankruptcy.
  • The DCG subsidiary has been in negotiations with several creditor groups. 
  • Genesis has been struggling to raise funds for its lending unit following a liquidity crunch. 
  • Parent firm Digital Currency Group suspended dividends today due to liquidity issues with subsidiaries. 

Genesis Global Capital, one of the most popular subsidiaries of the Digital Currency Group (DCG), is reportedly preparing to file for bankruptcy as soon as this week. This crypto lending subsidiary of the Digital Currency Group has been attempting to raise funds to maintain liquidity ever since FTX’s collapse caused it to halt withdrawals in November 2022. 

Genesis in confidential negotiations with creditors

According to a report by Bloomberg, Genesis Global Capital has engaged multiple creditor groups in negotiations amid liquidity issues that have spilled over to parent firm Digital Currency Group. The crypto broker had indicated in November 2022 that a bankruptcy filing may be imminent unless fresh capital was raised to sustain operations. 

People close to the matter have stated that a bankruptcy filing may not be necessary and that plans could change. As per a report by The Block, creditors of Genesis are actively involved in negotiating the terms of a possible chapter 11 bankruptcy filing. Sources revealed that creditors may agree to a forbearance period between 1-2 years under a prepackaged bankruptcy plan in exchange for cash payments and equity in the Digital Currency Group. 

DCG’s founder and CEO Barry Silbert has been involved in a public feud with Gemini’s co-founder and President Cameron Winklevoss. The latter’s customers are allegedly owed more than $900 million as part of Gemini’s Earn Program. The non-payment has dragged Silbert into the limelight following a series of open letters published by Cameron Winklevoss.

People familiar with the matter have stated that the communication regarding the bankruptcy filing is ongoing and may change. Genesis’ parent firm Digital Currency Group revealed earlier today that it would be suspending its quarterly dividends to preserve cash following liquidity issues with its subsidiaries.  

Read More
Aditya Anand

Latest

College

College Football Offseason Buzz: Tom Moore Returns to Iowa as Senior Consultant

0
This is college football. At some point, the games pause, but the news and drama never does. Here's an offseason tracker for buzz across the college football landscape, including coaching changes, injury news, personnel moves and more. Tom Moore Returns to Iowa at 87 as senior consultant The Iowa Hawkeyes  announced the hiring of former
football

Football Is Life: ‘Ted Lasso’ Star Cristo Fernandez Lands Deal With USL Club

0
Forward Cristo Fernandez, the actor who portrayed Dani Rojas on the Apple TV series "Ted Lasso" has signed with El Paso Locomotive FC of the USL Championship to play soccer professionally. Terms of the deal announced Tuesday, which still must be approved by the second-tier league and soccer federation, were not disclosed. Fernandez earned the
Cowboys

The quiet grit of Cowboys legend Craig Morton

0
The Dallas Cowboys family and the football world lost a true pioneer this past Sunday with the passing of Craig Morton. As one of the original cornerstones of the franchise, Morton helped transform the Cowboys from a young expansion team into a perennial powerhouse. He carried himself with a quiet dignity and a toughness that
College

College Football’s No. 10 TE Recruit Set to Visit Three Elite Programs

0
One of the top-flight prospects coming out of the state of Ohio and among the best targets in the 2027 college football recruiting class is poised to take some consequential visits to national programs in the weeks to come, but the Buckeyes notably aren’t among them. Four-star Columbus (Ohio) Francis DeSales national No. 10 ranked

Newsletter

Don't miss

College

College Football Offseason Buzz: Tom Moore Returns to Iowa as Senior Consultant

0
This is college football. At some point, the games pause, but the news and drama never does. Here's an offseason tracker for buzz across the college football landscape, including coaching changes, injury news, personnel moves and more. Tom Moore Returns to Iowa at 87 as senior consultant The Iowa Hawkeyes  announced the hiring of former
football

Football Is Life: ‘Ted Lasso’ Star Cristo Fernandez Lands Deal With USL Club

0
Forward Cristo Fernandez, the actor who portrayed Dani Rojas on the Apple TV series "Ted Lasso" has signed with El Paso Locomotive FC of the USL Championship to play soccer professionally. Terms of the deal announced Tuesday, which still must be approved by the second-tier league and soccer federation, were not disclosed. Fernandez earned the
Cowboys

The quiet grit of Cowboys legend Craig Morton

0
The Dallas Cowboys family and the football world lost a true pioneer this past Sunday with the passing of Craig Morton. As one of the original cornerstones of the franchise, Morton helped transform the Cowboys from a young expansion team into a perennial powerhouse. He carried himself with a quiet dignity and a toughness that
College

College Football’s No. 10 TE Recruit Set to Visit Three Elite Programs

0
One of the top-flight prospects coming out of the state of Ohio and among the best targets in the 2027 college football recruiting class is poised to take some consequential visits to national programs in the weeks to come, but the Buckeyes notably aren’t among them. Four-star Columbus (Ohio) Francis DeSales national No. 10 ranked
builds

Playson builds on strong growth in Switzerland with StarVegas partnership

0
Playson, the accomplished digital entertainment supplier, has further solidified its footprint in the regulated Swiss market by entering a strategic partnership with StarVegas, one of the country’s first licensed online casino operators. StarVegas is a leading Swiss online casino brand operated by Casino Interlaken, one of the country’s most established land-based casino groups. It is
newsycanusehttps://newsycanuse.com

WD sees sustainability as key business driver in an ‘AI economy’

Hard drive company WD promoted long-term operations and sustainability executive Jackie Jung to become its first chief sustainability officer in February, as it steps up sales to companies building AI data centers. Her vision: Turn sustainability into a “brand” for WD, a strategy that reduces risk for the $6 billion company (formerly known as Western
Read more

5 Business Ideas Worth Starting in 2026

If there is one thing Nigerians understand well, it is how to spot opportunity inside hardship. In 2026, that mindset will matter more than ever. The economy is tough, competition is rising, and many people are looking for smarter ways to earn, build, and survive. But even in a difficult environment, some businesses still stand
Read more

Getting a business loan now comes with a frequent flyer upside

Australian fintech Prospa has partnered with Qantas Business Rewards, letting eligible SMEs earn up to 500,000 points per loan. What’s happening: Australian fintech lender Prospa has partnered with Qantas Business Rewards to allow eligible small and medium business owners to earn up to 500,000 Qantas Points per loan when taking out a Prospa Small Business
Read more