Messari Founder: Genesis loses $1.2 billion due to three arrows or exceeds DCG's historical total net income

On July 19, Messari founder Ryan Selkis said on social media that Genesis lost $1.2 billion due to Three Arrows Capital, Likely to exceed Digital Currency Group's (DCG) historical total net revenue. Based on back-of-the-envelope calculations, Grayscale's total net income is about $1 billion, and Ryan estimates Genesis will generate $50 million in revenue in 2020, assuming revenue grew fivefold last year and maintained a 30% profit margin, which won't cover its $200 million debt shortfall. It was previously reported that cryptocurrency broker Genesis Global Trading had filed a $1.2bn claim against the now-defunct Three Arrows capital. Genesis's parent company, Digital Currency Group (DCG), has assumed some of Genesis's debt in the case, but it is unclear how much of the debt is still held by Genesis.