Media: DCG sells shares of Grayscale to pay off debt

According to the Financial Times, Digital Currency Group (DCG) is selling at a significant discount some of the most liquid assets managed by Grayscale.

According to the Financial Times, DCG has begun selling off assets managed by its subsidiary Grayscale at a deep discount.. The main reason for this step is the bankruptcy of the Genesis lending division, which owes more than $3.4 billion to creditors.. DCG hopes to raise funds to restructure the debt of its lending arm.

The company has already sold a quarter of the shares of its Ethereum Trust fund, earning about $22 million from the deal.. DCG was selling shares at around $8 despite having a market value of around $16.. In addition, the company began selling small stakes in Litecoin Trust, Bitcoin Cash Trust, Ethereum Classic Trust and Digital Large Cap Fund.

To raise additional funds, last month DCG hired consulting firm Lazard to help sell news portal CoinDesk.. As previously reported by the Financial Times, the company is also looking to sell a portion of its venture capital portfolio for about $500 million more.