DCG Founder Sold Grayscale ETCG Shares Worth About $750,000

Key Points:

• Barry Silbert, the founder of DCG, has sold 120,000 shares of Grayscale ETC Trust shares, with a total market capitalization of approximately $755,295.
• This also appears to be the first time Silbert has sold his ETCG stake.
• The sale was facilitated by Cannacord Genuity on April 28 over the counter in the United States.

According to a filing with the US Securities and Exchange Commission (SEC), Barry Silbert, founder of Digital Currency Group (DCG), sold 120,000 shares of Grayscale ETC Trust (ETCG) with a total market value of $755,295.

This looks to be Silbert’s first sale of his ETCG holding. Cannacord Genuity enabled the sale on April 28 over-the-counter (OTC) in the United States.

Grayscale Investments, the trust’s issuer, is a subsidiary of DCG, one of the market’s leading crypto conglomerates.

Silbert’s shares were first bought in two privately negotiated transactions between 2017 and 2018.

According to reports, the ETCG fund was created in 2017, and the sale of ETCG accounted for just a minor portion of the fund’s $225 million in assets under management and 14 million outstanding shares, of which Silbert owned 10%.

Silbert selling his ETCG shares is a fairly shocking occurrence. He has been targeted in recent months as a result of a $630 million debt owed by Genesis, a DCG-controlled loan desk, to Gemini, a cryptocurrency exchange and custodian owned by the Winklevoss twins.

Genesis, Digital Currency Group, the Unsecured Creditors Committee (UCC), the Creditor Committee, and Gemini have decided to initiate a 30-day mediation procedure in order to reach a definitive settlement as soon as feasible. To provide context, on February 10, 2023, a Term Sheet showing an agreement in principle was submitted.

The mediation is intended to address the Genesis bankruptcy plan by focusing on Digital Currency Group’s economic contribution to the bankruptcy estate for the benefit of all creditors, especially Earn users.

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Harold

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