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

In his letter Tuesday, Silbert stated DCG has borrowed from Genesis Capital, however “these loans had been at all times structured on an arm’s size foundation and had been priced at prevailing market rates of interest.” Silbert stated DCG has a $1.1 billion promissory be aware maturing in 2032 with Genesis Capital, which arose from DCG assuming its subsidiary’s chapter declare towards crypto hedge fund Three Arrows Capital. DCG, based on the letter, additionally owes the subsidiary $447.5 million (of precise U.S. {dollars}, not crypto) borrowed between January and Could 2022 at rates of interest of 10% to 12%, plus 4,550 bitcoin (BTC), value about $78 million.