TechFlow news — According to sources, cryptocurrency trading and lending firm Genesis Global holds $2.8 billion in outstanding loans on its balance sheet, with approximately 30% of those loans issued to affiliated parties, including its parent company Barry Silbert's Digital Currency Group. One subsidiary, Genesis Global Capital, has been lending to another affiliate, Genesis Global Trading. In a letter to shareholders on Tuesday, Digital Currency Group Inc. founder and CEO Barry Silbert stated that intercompany loans were made in the ordinary course of business.
Earlier reports indicated that DCG founder and CEO Barry Silbert disclosed DCG’s approximately $575 million liability to Genesis Global Capital, due in May 2023. Silbert also alerted investors to an $1.1 billion promissory note maturing in June 2032, noting it is related to liabilities stemming from Genesis and Three Arrows Capital defaults.
Silbert added that apart from these, DCG’s only other debt is a $350 million credit facility provided by several lenders led by Eldridge. DCG has raised only $25 million in equity capital and expects to generate $800 million in revenue this year.
