Share this article

Crypto Conglomerate DCG Suspends Dividends Amid Distress at Genesis Unit

"In response to the current market environment, DCG has been focused on strengthening our balance sheet by reducing operating expenses and preserving liquidity," it told shareholders in a letter Tuesday.

Updated May 9, 2023, 4:06 a.m. Published Jan 17, 2023, 11:30 p.m.
jwp-player-placeholder

Cryptocurrency conglomerate Digital Currency Group has informed its shareholders the firm is suspending dividends until further notice.

"In response to the current market environment, DCG has been focused on strengthening our balance sheet by reducing operating expenses and preserving liquidity. As such, we have made the decision to suspend DCG's quarterly dividend distribution until further notice," DCG said in a letter to shareholders sent on Tuesday.

STORY CONTINUES BELOW
Ne manquez pas une autre histoire.Abonnez vous à la newsletter Crypto Daybook Americas aujourd. Voir toutes les newsletters

DCG, which owns CoinDesk and other crypto companies, has become embroiled in the financial distress at its once-prolific lending platform Genesis. DCG owner Barry Silbert has been locked in negotiations with billionaire entrepreneurs Cameron and Tyler Winklevoss, whose crypto exchange Gemini offered a lending product that fell apart because Genesis, its partner, halted customer withdrawals.

A spokeswoman for DCG did not respond to a request for comment by press time.

Больше для вас

Image overlay test seven

ETH's price chart. (TradingView/CoinDesk)

Dek: Image overlay test seven