Genesis on the verge of bankruptcy: 500 million yuan in financing stumped DCG once encouraged 3AC to borrow

Golden Finance 2022-11-24 17:09:24 阅读数:57

genesisvergebankruptcymillionyuan

或许Coindeskdid not expect,One of my own reports is crashingFTX后,It also let this fire burn to its own parent companyDigital Currency Group(DCG)身上.

作为DCG的“金字招牌”之一,子公司Genesisstep on3AC和FTX两大“雷”陷入破产危机,This also makes the crypto marketFUDemotional envelope.那么,GenesisWhy is it on the verge of bankruptcy?How to get rid of the liquidity dilemma?

DCGrescued many times,需5亿美元紧急融资

在文章开始前,我们先来梳理下Genesis、Grayscale(灰度)和DCG之间的关系.

GenesisAnd gray areDCG的子公司,其中,Genesisis a pioneering prime broker in the crypto space,Does not benefit from the liquidity enjoyed by traditional prime brokers、标准、inter-dealer relationship、Clearinghouse and deposit financing,Mainly responsible for transactions、Lending and Escrow Business,是GBTC的授权参与者;灰度(Grayscale )is the largest in the field of encryption“明庄”,也是DCG的“Flagship business and cash cow”,按照2%的手续费,每年可产生约3亿美元的收入,Mainly responsible for the daily management of the trust、Quarterly report、Selecting and supervising various intermediary service agencies of trusts, etc..

For encryption mechanism,GBTCIt is a stable arbitrage tool for the bull market,Especially in the context of the previous macro cycle of flooding and the ensuing narratives of various encryption hotspots,GBTCHas maintained a positive premium to Bitcoin for a long time,这也让3AC、BlockFiand other institutions have chosen to sacrifice liquidity for arbitrage.Then with multiple bitcoinsETF上市,导致GBTCno longer attractive,Negative premiums start to appear,The overall bearishness of the market has intensified the negative premium.DCG向美SEC申请将GBTC转化为比特币ETF,Hope to get a chance to come back.但SEC一直拒绝,It also made Huidu want to sue in a fit of angerSEC.

As an aggressive investor,3AC曾是GBTC的最大持仓,Choose to convert your borrowed bitcoins into billions of dollars worth ofGBTC,并将GBTC抵押给Genesis获得流动性.然而,随着GBTCGradually negative premium,风险也随之而来,这让3AC旗下场外交易公司TPS CapitalBegin mass pitching to investorsGBTC套利产品.而随着Luna和UST的崩溃,GBTCThe irredeemable mechanism allows3ACUnable to withdraw this fund to supplement the mortgage rate of the liquidation amount,be forced to liquidate.由于Genesis向3AC提供了23.6亿美元贷款,and thus become its largest borrower.不过,即便GenesisAfter liquidating all collateral,3AC仍有12Billions of dollars outstanding,Then the hole wasDCG补上.3ACThis liquidity crisis has alsoGenesis元气大伤,According to its third quarter report,GenesisLoan originations and transaction volumes have fallen sharply in,Loan originations have fallen in the third quarter84亿美元,compared to the second quarter(404亿美元)减少79%.不仅如此,GenesisAlso started to reduce book risk and strengthen its liquidity position and collateral quality.

然而,I haven't had time to breathe a sigh of reliefGenesis再遇FTX破产危机,Its derivatives division is inFTX交易账户有1.75Million dollars is locked,尽管DCGemergency injection1.4亿美元,但GenesisThe liquidity of the,And began to suspend lending and redemption of collateral,Investors were then sought10亿美元的紧急贷款,理由是由于其资产负债表上的某些流动性不足的资产导致发生流动性紧缩情况.在此期间,DCGIt was also revealed that as early as9month removes its team、董事会成员、Name of Board Advisor、Information such as job titles and pictures,Many of its top executives have also left.此外,Because Grayscale once refused to disclose its Bitcoin reserve certificate and cold wallet address,Also make around the outsideGenesis、DCG及GBTCRumors of disbandment began to spread everywhere.

数据分析平台Arkham IntelligenceDashboard analytics display,GenesisAt its peak its trading assets approached50亿美元,But currently the company's trading assets are valued at approximately2.38亿美元.在过去三个月里,Genesis从FTXreceived the value9.3256亿美元的FTT代币,而同期从Alameda Researchreceived the value1.411亿美元的FTT代币.因此,Genesis很可能将FTTtokens as collateral toFTX和Alamedaprovide bulk loans,随着FTX的陨落,These collaterals are worth very little.

过去7天Genesis OTCHas been processed nearly3$100 million in stablecoin redemptions,其中包括价值2.509亿美元的USDC赎回、以及价值1830万美元的USDTredemption and2000万美元的DAI赎回.这意味着Genesisavailable funds are dwindling.

不过,Genesisand no longerGBTCPlay a key role in the distribution of products such as.今年10月,Grayscale's new broker-dealerGrayscale Securitieshas taken overGenesisoriginal brokerage.不仅如此,CoinbaseThe released Grayscale holding asset report also shows thatGBTCHave enough bitcoin reserves,Currently Grayscale Bitcoin TrustGBTC持有超63.5万枚BTC,The current value is close to100亿美元,Greyscale Ethereum TrustChina holds super300万枚ETH,价值约合33亿美元.

但Genesis仍需5亿美元的紧急融资,且当前GBTCThe negative premium of42.7%,It also means that Grayscale is on the brink.有意思的是,与FTXbankrupt story similar,GenesisAlso rejected after seeking funding from Binance,原因是担心Genesis的一些业务可能会在未来产生利益冲突.不仅如此,Genesis与DCGFunding issues appear to be related toFTX、Alameda之间相似,According to Bloomberg, citing sources familiar with the matter,Genesis资产负债表上有28$ billion in loans outstanding(lower than the second quarter100亿美元的未偿还贷款),约30%of loans to related parties,其中就包括DCG 5.75 亿美元的负债,The debt will be2023年5月到期.不仅如此,一家名为“Genesis Global Capital”The lending subsidiary of theGenesis Global Trading贷款.对此,DCG创始人兼首席执行官Barry Silbert解释称,These loans are primarily used to finance investment opportunities,and buybacks from non-employee shareholdersDCG股票,At the same time these loans are structured on an equitable basis,并按当时的市场利率定价.

此外,Barry Silbert还透露,其在2032年6月到期的11$100 million promissory note,是与Genesis和3ACdefault related liabilities,DCGwill participate in the creditors committee3AC的清算程序,并正在为债权人的利益寻求所有可用的补救措施来收回资产.虽然DCG只筹集了2500万美元的初级资本,But this year's revenue is expected to reach8亿美元.

处于破产边缘,Genesisself-serving?

目前,GenesisInvestment bank hiredMoelisExplore options including bankruptcy,but no final decision has been made,该公司仍有可能避免申请破产保护.

不过,Wall Street investment bankBernsteinstated in a research report,即使GenesisUnable to raise liquidity for its loan book and filing for bankruptcy,Creditors cannotGBTCassets to file a claim.GBTCThe trust structure protects its holders,并保持对DCG或DCGProtection against failures within group entities.同时,该报告透露,even in the worst circumstances,DCGAlso prefers to preserve grayscale rather thanGenesis.

As the largest lender in the industry,GenesisThis step may be due to the lack of risk control.3AC资本创始人Su ZhuIn a recent interview with Bloomberg,Genesis曾在2020Early spring repays billions of dollars in loans in one go,This has in turn sparked panic among lenders.(Because they promise deposit customers fixed income),and begged us to borrow money from them again.think about us and Alameda Research,作为迄今为止 CeFi largest borrower in the field,we all gradually produced“Unlimited support”的错觉.

Su Zhu称,“Because lenders and brokerage firms have been engaging in insider trading,The industry puts a black box on the biggest trading firms,This gradually breeds a culture of secrecy and opacity.”这也意味着,GenesisGo today this step also just take the consequences.

现在GenesisFace directional exposure and capital loss,其(由于3AC和FTX的破产)Lost Funds RatioGenesisGenerated even more revenue since inception.正如Lumida wealth首席执行官Ram Ahluwalia所言,Genesisnow there are two ways to go,一个是DCGFund raising at holding company level,To the subsidiary capital;The other is that it was acquired.

此外,Which institutions are currentlyGenesis波及?

Gemini 

受GenesisImpact of suspension of withdrawals,亿万富翁WinklevossTwins Trading PlatformGeminiWithdrawal Suspension Announced,And said to help customers as soon as possible fromEarn计划中赎回资金.虽然GeminiOther products and services of,However, there has been a large outflow of funds from the platform.

Circle

USDC发行商Circle发推文表示,Circle YieldIt is an over-collateralized regular yield product.GenesisIn this product isCircle的交易对手方.截至2022年11月16日,Circle YieldTotal outstanding loans to customers260万美元,And protected by a robust collateral agreement.The current outstanding loan balance is still overcollateralized,CircleLoans will be secured against potential losses.”目前,Circle YieldThe short-term annual rate of return has fallen to0.25%,In the long run it is reduced to0.

Gopax

韩国加密交易所Gopax宣布,Because of its encrypted wealth management productsGOFiby partnersGenesisEffect of Suspension of Redemptions,GOFicurrently deferred debt repayment.they have requestedGenesisrepay all assets,to protect customer assets fromGenesis的损害,But the repayment has not yet been made.非GOFiClient assets are not affected,Because the platform's assets andGOFiThe assets of the product are kept separately,GopaxDeposits and withdrawals are not affected.此外,DCG是Gopax的第二大股东.

“DCG与Genesiscreditor negotiation,everyone avoid bankruptcy,则DCG可以幸存.or creditors refuse to deal,Genesis 破产,and then years of court battles,DCG may have the same result(糟糕).”Messari创始人Ryan SelkisTwo hypotheses are given,虽然GenesisA settlement with creditors is a bitter pill to swallow,But to say is good for all parties.

版权声明:本文为[Golden Finance]所创,转载请带上原文链接,感谢。 https://netfreeman.com/2022/328/202211241558162137.html