Digital Currency Group (DCG) is considering selling part or all of the crypto-focused CoinDesk to attract capital to spur its future growth. The Wall Street Journal reported that Kevin Worth, the firm\u2019s CEO, said.<\/p>\n
According to the executive, in recent months the DCG subsidiary has received “numerous signals of interest” from potential buyers.<\/p>\n
The upper end of the bids stood at $200 million. In 2022 the outlet generated revenue of $50 million.<\/p>\n
In 2016 Digital Currency Group (DCG) purchased the outlet for $500,000\u2013$600,000.<\/p>\n
CoinDesk has turned to investment bank Lazard for help structuring the deal.<\/p>\n
The holding company, which also includes the asset manager Grayscale Investments, the lending platform Genesis Global Capital, mining company Foundry<\/a> and the cryptocurrency exchange Luno, suspended dividend payments<\/a>.<\/p>\n DCG needs liquidity amid problems at Genesis Global Capital. The latter owes $3 billion<\/a>, according to media reports. This sum includes claims by Gemini exchange clients for $900 million<\/a>.<\/p>\n The group is considering selling up to $500 million of assets from its venture investment portfolio. The latter includes 200 positions in projects such as Coinbase, Kraken, FTX and Blockchain.com.<\/p>\n Earlier in 2023, Digital Currency Group <\/strong>announced the closure<\/a> of its subsidiary HQ Digital, which specialized in asset management. Genesis Trading cut 30% of its staff.<\/p>\n In an open letter, Gemini co-founder Cameron Winklevoss urged<\/a> DCG chief Barry Silbert to resign. The public dispute heightened concerns that Genesis would file for bankruptcy.<\/p>\n In November the platform did not rule out<\/a> this scenario in an effort to attract financing<\/a>. Such a move raised concerns about the solvency of the parent DCG<\/a> and the future GBTC<\/span><\/a>.<\/p>\n