Digital Currency Group said 2022 revenue is on track to reach $800 million, down about 20% from what the cryptocurrency-focused conglomerate expected to generate last year
“We have weathered previous crypto winters and while this one may feel more severe, collectively we will come out of it stronger,” Mr. Silbert wrote. Mr. Silbert said in the investor letter that DCG’s other businesses, which include the media company CoinDesk and bitcoin-mining firm Foundry, were operating as usual.
Earlier this year, DCG took on liabilities from Genesis after the hedge fund Three Arrows Capital defaulted on loans it took out from Genesis, prompting the issuance of the $1.1 billion promissory note while DCG tries to recover assets from Three Arrows’ liquidation proceedings. Separately, the roughly $575 million that DCG borrowed from Genesis went to fund investment opportunities and buy DCG stock from outside shareholders, Mr. Silbert said in the letter.
After FTX imploded, Genesis said on Twitter that it had hedged and sold collateral, resulting in a total loss of about $7 million. The company also said its derivatives business has about $175 million in locked funds in the firm’s FTX trading account.
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