DCG sells $22M worth of Grayscale shares to raise funds DCG sells $22M worth of Grayscale shares to raise funds
DCG sold some of its Grayscale Ethereum shares at $8 per share — raising approximately $22 million, according to the Financial Times.
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Updated: Feb. 7, 2023 at 7:48 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Leading asset management firm Digital Currency Group (DCG) has reportedly sold some of its shares in Grayscale crypto trusts — raising roughly $22 million, according to the Financial Times (FT).
DCG has been caught up in a series of financial crises following the bankruptcy of its trading arm-Genesis. The firm reportedly owes over $3 billion to its creditors, including about $900 million to Gemini Earn users.
DCG set to continue offloading assets
To raise more funds to support its bankrupt subsidiary, DCG has reportedly moved to sell some assets in its $500 million portfolio — including its news outlet CoinDesk.
DCG has also submitted filings to the US Securities and Exchange Commission (SEC), revealing its deals to sell some of its shares in Grayscale, FT reported on Feb. 7.
DCG started selling its shares in Grayscale on Jan. 24, with a focus on the Ethereum Fund, according to the report. DCG sold the Grayscale Ethereum shares at $8 per share — raising approximately $22 million. The share price has declined by over 50% from its initial claim of $16 per ETH.
DCG also sold some smaller shares in its Litecoin Trust, Bitcoin Cash Trust, Ethereum Classic Trust, and Digital Large Cap Fund.
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Author 
Christian Nwobodo
Christian is a crypto-curious nerd who loves to investigate how protocols work under the hood. Christian is interested in DeFi protocol research, token economics, and on-chain analytics.
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Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Digital Currency Group
Digital Currency Group’s mission is to accelerate the development of a better financial system.
Genesis
Genesis is an institutional digital asset markets and a full-service digital currency prime brokerage providing a single point of access for select qualified individuals and global institutional investors.
