Digital Currency Group, the parent company of Genesis Trading and cryptocurrency asset manager Grayscale, owes $575 million to Genesis’ crypto lending arm, according to Chief Executive Barry Silbert in a letter to shareholders on Tuesday afternoon. Genesis Global Capital loans, which were suspended last week, were used to “fund investment opportunities” and repurchase stock from non-employee shareholders, according to Silbert’s letter, which was obtained by Reuters. He added that the debt is due in May 2023. Aside from Genesis, Digital Currency Group’s only debt is a $350 million credit facility from “a small group of lenders” led by investment firm Eldridge, as well as a $1.2 billion claim filed in July against bankrupt crypto hedge fund Three Arrows Capital.
