Roger Ver says he can exercise a $21 million GGC option

“Bitcoin Jesus” and Bitcoin.com founder Roger Ver said he has $21 million that GGC International, tied to Genesis Global Capital, demanded be paid under an option not exercised at the end of 2022. The Block reports.

Ver explained the decision was motivated by a desire to obtain Genesis’s “solvency guarantees,” which were one of the conditions of the agreement. The Bitcoin.com founder stressed that he “would be glad to pay the amount he owes.”

In response to a request for solvency information, Ver was denied and became a defendant in a lawsuit brought by GGC International in the New York State Supreme Court.

“I look forward to Genesis’ explanations of how they valued certain positions, most notably the apparent discrepancy between the valuation of client collateral and their own digital assets,” he commented.

This is not Ver’s first lawsuit of the last year. On June 24, 2022, the cryptocurrency derivatives platform CoinFLEX suspended withdrawals due to “extreme market conditions” and “counterparty uncertainty.”

Later, CoinFLEX CEO Mark Lamb said that the counterparty was Roger Ver, who owed $47 million. Because the Bitcoin.com founder did not meet his obligations, the company sent him a default notice.

The firm turned to the Hong Kong International Arbitration Centre to recover $84 million from Ver. Representatives for CoinFLEX said the initial damage estimate was incorrect because it did not account for the founder’s substantial debt in FLEX tokens.

Recall Genesis Global Capital filed for bankruptcy on January 20, amid the fallout from the collapse of hedge fund Three Arrows Capital in June and the FTX collapse in November 2022.

In early 2023, SEC accused Gemini and GGC of selling unregistered securities.

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