Confidential Doc Reveals Genesis Sought $1B Emergency Loan From Investors: WSJ
According to The Wall Street Journal, the confidential fundraising document stated that the company needed access to the credit facility by 10 a.m. Monday, specifying a “liquidity crunch due to certain illiquid assets on its balance sheet.” Genesis, however, failed to get the funds. reportedly sought an emergency loan of $1 billion from investors before notifying its clients of suspending redemptions this week.
Genesis’s spokeswoman further clarified that the document in question was prepared over the weekend in the wake of FTX’s collapse. It is, however, no longer current. The report also revealed that the company had “very positive conversations” with potential investors to recuperate its liquidity. The document offered potential investors a chance of a controlling ownership in Genesis, an ownership stake in one of Digital Currency Group’s subsidiaries, or a minority stake in the holding company. DCC is the parent company of the brokerage firm.
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