Messari founder: DCG may have halved in value

BlockBeats news: On December 4, Ryan Selkis, founder of blockchain analysis company Messari, once again posted a post about the problems of digital currency groups DCG and Genesis. Ryan said previous analysis suggested that GBTC, a grayscale Bitcoin trust, could be held by its parent company, DCG. Yet it seems equally plausible that much of the collateral could have actually been held by Genesis, and the effects would have been worse. According to its analysis, DCG has approximately $600 million to $800 million in cryptocurrency collateral, most of which is GBTC and ETHE stock purchased in 2021 and early 2022; If these assets are indeed Genesis collateral, that means DCG's market value has been reduced by 50%. It also suggests Genesis will be forced to sell millions of GBTC shares every month for the next two and a half years to pay off its creditors. DCG will not continue to pursue ETFs. Ryan added that the story is still unfolding and it may be some time before the real numbers are revealed.