DCG is considering offloading parts of its venture capital holdings to raise money, the Financial Times reported Thursday. DCG's portfolio includes 200 crypto-related projects such as exchanges, banks and custodians in at least 35 countries, and are worth about $500 million, the report added.
Genesis declined to comment. DCG did not immediately respond to a request for comment.
Several crypto companies have lately been under pressure as they try to navigate unprecedented industry-wide turmoil amid waning investor appetite for digital assets after major exchange FTX blew up late last year.
Earlier this month, Genesis - which brokers digital assets for financial institutions like hedge funds and asset managers -cut 30% of its workforce in a second round of layoffs in less than six months, according to a person familiar with the matter.
Meanwhile, its parent DCG saw calls from Cameron Winklevoss, co-founder of crypto exchange Gemini, for the removal of DCG's chief executive officer, Barry Silbert, earlier this week amid tensions between the high-profile executives.
Stamford, Connecticut-based DCG is also the parent company of several high-profile crypto firms, including crypto asset manager Grayscale.
(Reporting by Manya Saini in Bengaluru and Hannah Lang in Washington; additional reporting by Elizabeth Howcroft in London; Editing by Shounak Dasgupta, Shailesh Kuber and Conor Humphries)
By Manya Saini and Hannah Lang
