{"id":78376,"date":"2023-05-05T16:40:15","date_gmt":"2023-05-05T13:40:15","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=78376"},"modified":"2025-09-11T04:41:36","modified_gmt":"2025-09-11T01:41:36","slug":"barry-silbert-nets-755000-from-sale-of-grayscale-ethereum-classic-trust-shares","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/barry-silbert-nets-755000-from-sale-of-grayscale-ethereum-classic-trust-shares\/","title":{"rendered":"Barry Silbert nets $755,000 from sale of Grayscale Ethereum Classic Trust shares"},"content":{"rendered":"<p>Barry Silbert, founder of <span data-descr=\"Digital Currency Group\" class=\"old_tooltip\">DCG<\/span>, liquidated 120,000 shares of <span data-descr=\"Grayscale Ethereum Classic Trust\" class=\"old_tooltip\">ETCG<\/span> Grayscale Investments, the subsidiary led by the group he runs. This follows from an <a href=\"https:\/\/www.sec.gov\/Archives\/edgar\/data\/1705181\/000197641523000002\/xsl144X01\/primary_doc.xml\"><span data-descr=\"U.S. Securities and Exchange Commission\" class=\"old_tooltip\">SEC<\/span><\/a> filing.<\/p>\n<p>The position was valued at $755,295.<\/p>\n<p>This is the first time Silbert has disposed of this instrument. The DCG CEO bought the securities in a series of trades between 2017 and 2018.<\/p>\n<p>Grayscale Investments launched ETCG in April 2017. Since then, the price of its shares has risen by 323.4%. <span data-descr=\"assets under management\" class=\"old_tooltip\">AUM<\/span> of the trust stands at $225.8 million, with the aggregate across all 17 products run by the sponsor \u2014 <a href=\"https:\/\/grayscale.com\/products\/grayscale-ethereum-classic-trust\/\">$24.5 billion<\/a>.<\/p>\n<p>Recently DCG told investors<a href=\"https:\/\/forklog.com\/en\/news\/digital-currency-group-reports-180-million-in-profit-for-the-first-quarter\"> of a $180 million<\/a> profit in Q1 2023 \u2014 63% higher than in the prior reporting period.<\/p>\n<p>On November 16, 2022, Genesis Global Capital, part of the group, froze withdrawals<a href=\"https:\/\/forklog.com\/en\/news\/genesis-global-capital-suspends-crypto-lending-operations\"> and the issuance of new loans<\/a>. The firm cited heightened withdrawal requests after <a href=\"https:\/\/forklog.com\/en\/news\/ftx-group-files-for-bankruptcy-sam-bankman-fried-resigns-as-ceo\">the FTX collapse<\/a>.<\/p>\n<p>In January 2023, Genesis Global Holdco and its subsidiaries Genesis Asia Pacific and Genesis Global Capital <a href=\"https:\/\/forklog.com\/en\/news\/genesis-part-of-digital-currency-group-files-for-bankruptcy\">filed for bankruptcy<\/a>. According to media reports, their liabilities <a href=\"https:\/\/forklog.com\/en\/news\/financial-times-genesis-global-capital-owes-creditors-more-than-3-billion\">exceed $3 billion<\/a>.<\/p>\n<p>A month later, DCG and its bankrupt Genesis group companies reached a deal in principle on the terms of a <a href=\"https:\/\/forklog.com\/en\/news\/genesis-reaches-preliminary-restructuring-agreement-with-creditors-reports-say\"> restructuring plan <\/a> with major creditors.<\/p>\n<p>In April, the latter group rejected the February-agreed deal and pressed new demands.<\/p>\n<p>In May, DCG, Genesis, and the creditors&#8217; committee (including the Gemini exchange) agreed to launch a 30-day<a href=\"https:\/\/forklog.com\/en\/news\/gemini-backs-dcgs-push-for-pre-litigation-settlement\"> pre-litigation mediation<\/a> process.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>DCG founder Barry Silbert liquidated 120,000 shares of ETCG Grayscale Investments, the subsidiary of the group he leads. This is per an SEC filing.<\/p>\n","protected":false},"author":1,"featured_media":78377,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[370,184,476],"class_list":["post-78376","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-barry-silbert","tag-dcg","tag-ethereum-classic"],"aioseo_notices":[],"amp_enabled":true,"views":"68","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78376","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=78376"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78376\/revisions"}],"predecessor-version":[{"id":78378,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/78376\/revisions\/78378"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/78377"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=78376"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=78376"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=78376"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}