Grayscale’s stance against central exchanges sharing proof of reserve is causing concern among investors. The investment giant’s sister company, Genesis, is about to sell its assets due to the crisis it is in. In such a case, altcoin investors will face an FTX-like event.
Investors will have no claims on GBTC funds if Genesis goes bankrupt
Grayscale’s sister company, Genesis, announced that it was seeking a loan of 1 billion dollars until 18:00 this evening. If the company cannot find this fund, its owner will have to sell the Digital Currency Group assets. Meanwhile, new reports say that the Grayscale Bitcoin Trust’s (GBTC) sister company Genesis Global Capital’s credit unit will halt customer withdrawals as a result of FTX’s collapse.
The report stated that the situation at Genesis did not directly affect GBTC. Even if Genesis is unable to provide liquidity for lending and file for bankruptcy, creditors will have no claims on GBTC.
Grayscale, which does not share its reserves, holds 24 altcoins
cryptocoin.comAs you follow, Grayscale announced on November 19 that it will not disclose its reserves due to ‘security’ concerns. The company, which keeps its funds secret, is causing panic among investors over the potential bankruptcy of Genesis. In the event of a possible bankruptcy, investors will face an FTX-like event. Coinglass data shows that there are 25 altcoins in Grayscale reserves.
- 633 thousand Bitcoin (BTC), 3 million Ethereum (ETH), 11 million Ethereum Classic (ETC)
- 29 million Amp (AMP), 111 Yearn.finance (YFI), 526K Curve (CRV), 35K Polkadot (DOT)
- 1.5 million Litecoin (LTC), 309 thousand Bitcoin Cash (BCH), 332 thousand ZCash (ZEC)
- 29 million Amp (AMP), 111 Yearn.finance (YFI), 526 thousand Curve (CRV), 35 thousand Polkadot (DOT) 18 million MANA, 74 million Stellar (XLM), 614 thousand Horizen (ZEN)
- 589 thousand Litepeer (LPT), 307 thousand Chainlink (LINK), 106 thousand Solana (SOL), 6 million Basic Attention Token (BAT)
- 106K Filecoin (FIL), 13M Cardano (ADA), 94K Avalanche (AVAX), 591K LIV
- 316 thousand Uniswao (UNI), 4948 Aave (AAVE), 299 Maker (MKR), 3186 Compound (COMP)
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