Messari founder: DCG's market value may have halved
ChainCatcher news, blockchain analysis company Messari founder Ryan Selkis stated on Twitter that previous analyses suggested that Grayscale Bitcoin Trust (GBTC) could potentially be held by its parent company DCG. However, it also seems reasonable that most of the collateral could actually be held by Genesis, and the impact would be worse.According to Ryan Selkis's analysis, DCG has approximately $600 to $800 million in cryptocurrency collateral, most of which consists of GBTC and ETHE shares purchased in 2021 and early 2022; if these assets are indeed collateral for Genesis, it would mean that DCG's market value has decreased by 50%.Ryan added that this indicates Genesis will be forced to sell millions of GBTC shares each month over the next two and a half years to repay its creditors. DCG will also not continue to seek to launch an ETF. The situation is still developing, and real data disclosure may still take some time. (source link)