In an effort to improve liquidity and pay off creditors, Digital Currency Group is offloading shares in its cryptocurrency holdings at bargain prices. DCG is selling most of its investments managed by its subsidiary Grayscale as well.
DCG’s lending arm Genesis was forced to declare bankruptcy, leading the crypto-conglomerate to the position it is in today where it has to sell its holdings.
From the 24th of January, 25% of DCG’s stock in its Ethereum fund has been sold. Several trades encompassing its Ethereum holdings have raised about $22 million so far.
DCG has sold shares in its various crypto holdings, including Grayscale’s Litecoin trust, Bitcoin Cash Trust, Ethereum Classic Trust, and the Digital Large Cap fund.
Based in Connecticut, Digital Currency Group was formed in 2016 by Barry Silbert, a former banker. Barry Silbert is one of the oldest investors in crypto who has enjoyed a first-mover advantage in the industry. DCG is backed by key institutional investors such as SoftBank, Singapore’s Sovereign Wealth Fund GIC, and Capital G (Alphabet’s venture arm)
Grayscale is one of DCG’s most important subsidiaries, generating hundreds of millions through management fees. The GBTC or Grayscale Bitcoin Trust owns 3% of all Bitcoin. Grayscale gets a 2% fee from GBTC and according to security filings, earned $303 million from fees in the first nine months of 2022.
Before cryptocurrency was easily tradable on exchanges, Grayscale’s shares in its various trusts were valued at a premium compared to the price of the coins held in these investment vehicles. This made handing over Ethereum and Bitcoin to Grayscale a profitable investment until now.
Big Eyes Coin a Potential Winner in Crypto Portfolios
Big Eyes Coin is a fast-moving cryptocurrency in its presale, raising well over $24 million, and is on track to raise a quarter of 100 million dollars.
Buyers of the meme coin have an array of features to choose from, such as access to an exclusive NFT club and purchasing items from a superstore that is coming soon. The coin is also going to be launched on UniSwap very shortly.
Big Eyes has two clear-cut goals – one to make profit for its community and the other is for the planet. Big Eyes Coin aims to raise $50 million in its presale.
Secondly, the meme coin is working towards an eco-friendly venture of restoring the ocean’s health to levels seen before the industrial revolution.
To achieve this, 5% of all tokens will be stored in a charity wallet. Another 5% is kept aside for marketing purposes, 70% will be distributed during the presale and 20% will be retained for crypto exchanges.
Interested buyers have until the 20th of February to use bonus code “LAUNCHBIGEYES200” to gain a 200% bonus on their first purchase of Big Eyes Coin.