A subsidiary of US-based crypto exchange Kraken is reportedly greatly benefiting from the success of the spot Bitcoin (BTC) exchange-traded fund (ETF) boom. According to a new report by Bloomberg, CF Benchmarks – a London-based subsidiary of Kraken that provides reference data for about $24 billion in crypto ETFs – is emerging as an under-the-radar […]
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Solana moved to a six-week high on Wednesday, as markets reacted to the latest inflation figures from the United States. The consumer price index (CPI) fell to 5% in March, lower than the 5.2% sum many had expected. Ethereum classic also moved higher, nearing a multi-week high. Solana (SOL) Solana (SOL) extended yesterday’s 15% gain […]
Ethereum classic rose by as much as 12% in today’s session, as cryptocurrency markets rallied to start the weekend. The global market cap is trading over 3% higher at the time of writing, as investors continue to buy crypto following the recent banking crisis. Solana was also higher in today’s session. Ethereum Classic (ETC) Ethereum […]
Ethereum classic remained near a two-month low on March 6, as a cloud of uncertainty continued to hover over markets. The global crypto market cap remained bearish to start the week, and is down 0.55% at the time of writing. Litecoin also moved lower on Monday. Ethereum Classic (ETC) Ethereum classic (ETC) started the week […]
The purported sales are the latest measures the embattled firm has taken following moves in recent months to raise capital and preserve liquidity.
Cryptocurrency conglomerate Digital Currency Group (DCG) has reportedly begun to sell its holdings in crypto funds managed by its subsidiary Grayscale Investments as it looks to raise capital and preserve liquidity.
According to a Feb. 7 Financial Times report citing seen United States securities filings, DCG sold around a quarter of its shares in Grayscale’s Ether (ETH)-based fund for around $8 per share, despite each share holding a claim to nearly double that amount in ETH.
It’s also said to have sold down small share parcels in Grayscale’s Litecoin (LTC), Bitcoin Cash (BCH) and Ethereum Classic (ETC)-based trusts in addition to its Digital Large Cap Fund — which combines Bitcoin (BTC), Ether, Polygon (MATIC), Solana (SOL) and Cardano (ADA) into a single fund.
When asked about the share sales DCG was quoted as saying that: “This is simply part of our ongoing portfolio rebalancing.”
Despite the statement, some observers believe Barry Silbert’s DCG may be headed toward g financial strife.
Another one of its subsidiaries — crypto lending firm Genesis Global Capital — filed for bankruptcy on Jan. 19 and is believed to owe creditors over $3 billion.
Companies owned by DCG have been severely affected by the contagion resulting from FTX’s implosion, with over 500 employees laid off in recent weeks.
However, DCG has taken a number of steps to preserve liquidity in 2023, such as announcing to its shareholders in a Jan. 17 letter that it would be halting its quarterly dividend payments as it looks to strengthen its balance sheets.
Related: Genesis creditors to expect 80% recovery under proposed restructuring plan
DCG has also sought the help of financial advisory firm Lazard to help it weigh up options to sell crypto media outlet CoinDesk — another of its subsidiaries — after it claimed to have received offers for the outlet exceeding $200 million.
Grayscale, Genesis, and CoinDesk are among some 200 crypto-related businesses in DCG’s venture capital portfolio according to its website. Other companies that DCG has equity in include the crypto exchange Luno and advisory firm Foundry.
Just before the Ethereum network transitioned from a proof-of-work (PoW) blockchain to proof-of-stake (PoS), Ethereum Classic’s hashrate saw a significant increase. Three days after The Merge, Ethereum Classic had 214.37 terahash per second (TH/s) of hashrate. However, since then, the network’s hashrate has decreased significantly as 44.33% of it has been lost over the last […]
According to crypto analytics platform CoinWarz, meme token Dogecoin (DOGE) is vastly more profitable to mine than Bitcoin (BTC). Per the analytics platform, the electricity costs are slightly less to mine BTC than DOGE, but the profit margin for mining DOGE is signifcantly higher than mining BTC. At time of writing, the electricity costs to […]
The post Dogecoin Is 261% More Profitable Than Bitcoin in One Key Aspect: Crypto Analytics Platform appeared first on The Daily Hodl.
Shiba inu was one of Friday’s biggest gainers, as the meme coin raced to a six-week high. The move came as the global cryptocurrency market cap surged, as U.S. inflationary pressures continued to cool off. Ethereum classic was also in the green, with price hitting a two-month high. Shiba Inu (SHIB) Shiba inu (SHIB) was […]
Ethereum classic was one of the biggest movers to start the weekend, as prices surged to a six-week high. The move saw the token climb by as much as 12%, breaking out of a key resistance level in the process. Polygon also moved higher, as it raced towards a recent price ceiling. Ethereum Classic (ETC) […]
After transitioning from proof-of-work (PoW) to proof-of-stake (PoS), the Ethereum community saw the launch of two new PoW Ethereum forks: ethereumpow and ethereumfair. In the past four months, the value of both coins has dropped by 94.8% to 98.4% in U.S. dollars. PoW Ethereum Forks Ethereumpow and Ethereumfair Suffer Significant Value Loss After Launch Since […]