DCG’s Barry Silbert Talks About Genesis in Letter to Shareholders

Bernstein Says Saving Grayscale Will Come at a Cost for Digital Currency Group

In his letter Tuesday, Silbert said DCG has borrowed from Genesis Capital, but “these loans were always structured on an arm’s length basis and were priced at prevailing market interest rates.” Silbert said DCG has a $1.1 billion promissory note maturing in 2032 with Genesis Capital, which arose from DCG assuming its subsidiary’s bankruptcy claim against crypto hedge fund Three Arrows Capital. DCG, according to the letter, also owes the subsidiary $447.5 million (of actual U.S. dollars, not crypto) borrowed between January and May 2022 at interest rates of 10% to 12%, plus 4,550 bitcoin (BTC), worth about $78 million.

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