The troubled crypto brokerage is in talks with potential investors for at least $1 billion in fresh capital, according to a Bloomberg report.
Updated May 9, 2023, 4:03 a.m. Published Nov 22, 2022, 12:33 a.m.
Days after its lending unit was forced to halt withdrawals in wake of the collapse of crypto exchange FTX, Genesis Global Trading has mentioned bankruptcy as a potential option as it seeks fresh capital, reports Bloomberg citing people with knowledge of the matter.
The Wall Street Journal, also citing people familiar, reported that Genesis sought funding from Binance and Apollo Global Management, and that Binance declined to invest, citing potential conflicts of interest.
The initial news sent bitcoin (BTC) to fresh two-year low of $15,480. But the price has fully recovered back to where it was before the Bloomberg story came out, trading around $15,913 as of this update.
"We have no plans to file bankruptcy imminently," a Genesis representative told Bloomberg. "Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors."
Genesis and CoinDesk share the same parent company, Digital Currency Group.
Read more: Bernstein Says Grayscale Bitcoin Trust Is Protected From Fallout at Sibling Company Genesis Global
UPDATE (Nov. 21, 2022, 23:01 UTC): Updates with the latest bitcoin price.
UPDATE (Nov. 22, 2022, 00:32 UTC): Updates with WSJ report that Genesis sought funding from Binance and Apollo Global Management, and that Binance declined to invest, citing potential conflicts of interest.
More For You
State of the Blockchain 2025
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Uniswap's token burn, protocol fee proposal backed overwhelmingly by voters
The proposal, which transforms UNI into a value-accruing asset, received more than 125 million votes in support with just 742 dissenting.
What to know:
- Uniswap's proposal to activate protocol fees and burn UNI tokens received overwhelming support from voters.
- The initiative will transform the token into a value-accruing asset and link protocol usage to token supply reduction.