Justin Sun says he is prepared to spend up to $1 billion on DCG assets

Justin Sun is prepared to invest up to $1 billion of his own funds to acquire assets belonging to Barry Silbert’s Digital Currency Group (DCG) group of companies. The Tron founder disclosed this to Reuters.

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In November 2022, the Genesis Global Capital OTC platform within DCG froze withdrawals and the issuance of new loans, and later attempted to raise emergency financing of $1 billion.

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According to the Financial Times, Genesis owed creditors more than $3 billion and is considering selling a number of portfolio investments. In particular, the company, together with its parent entity owed about $900 million to Gemini’s clients.

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Cameron Winklevoss, co-founder of Gemini, demanded that Silbert return the assets and subsequently urged him to resign. According to Gemini’s chief executive, DCG had misled the public about its financial state and solvency.

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DCG also includes Grayscale Investments, which manages a family of cryptocurrency funds. By the end of 2022, the discount of shares of the Bitcoin Investment Trust (GBTC) to NAV exceeded 48%.

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In an interview with Reuters, Sun said he was prepared to spend up to $1 billion on acquiring some DCG assets, \”depending on how the situation is assessed.\” He did not specify the exact area of interest.

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Earlier in January 2023, the SEC accused Gemini and Genesis of selling unregistered securities.

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