DCG to sell Grayscale holdings at a discount to pay creditors: report
Cryptocurrency conglomerate Digital Currency Group (DCG) has started to sell shares of its Grayscale cryptocurrency funds at a significant discount, according to U.S. securities filings cited in a Financial Times report on Tuesday.
Sorry, but that's truly pathetic.
According to the Financial Times, DCG has mainly been offloading shares from Grayscale’s Ethereum fund, which has reportedly brought in as much as US$22 million since Jan. 24.
The company is reportedly selling each share at a price of about US$8, a 50% discount for the US$16 Ether share.
Deep fuckup, really! the reason they are selling at a discount is because of their own "rule" to imprison their investors and not to free them up to sell their shares. Such a lock-up fuck-up also means few are willing to buy such shares knowing they get a huge discount for waiting to eventually cash out.
However, this move will improve liquidity for Grayscale, as nobody now knows whether they actually still hold the coins in their funds.
This makes little sense - to sell your own assets at a discount to NAV. The only logic is if GBTC doesn't have all the BTC they claim.