Genesis Global Trading, a subsidiary of the crypto conglomerate Digital Currency Group (DCG), filed for Chapter 11 bankruptcy in the Southern District of New York (SDNY) court late Thursday night.
Genesis Global Holdco and two of its lending business subsidiaries Genesis Global Capital and Genesis Asia Pacific filed voluntary petitions under the bankruptcy code for SDNY, its press release stated. “Genesis’s other subsidiaries involved in the derivatives and spot trading and custody businesses and Genesis Global Trading are not included in the filing and continue client trading operations,” it added.
Genesis stated it has over $150 million in cash, which it plans to use as liquidity to support its ongoing operations and facilitate its restructuring process.
As part of its filing, Genesis plans to consider a “dual track proces …
