• Justin Sun has revealed he is willing to spend up to $1 billion of his own money to buy assets of embattled cryptocurrency lender Genesis’ parent firm, Digital Currency Group (DCG).
• DCG lists more than 160 crypto companies in its portfolio, of which it has acquired 28. CoinDesk, Grayscale, and Genesis are three of the biggest companies listed in its portfolio.
• Sun had previously said he was prepared to provide distressed cryptocurrency exchange FTX with billions in aid before the exchange filed for bankruptcy in mid-November.
Justin Sun, the founder of TRON Foundation, has made a bold statement that he is willing to invest up to $1 billion of his own money to acquire a portion of assets from Digital Currency Group (DCG). The Chinese crypto entrepreneur made the announcement during an interview with Reuters, stating that the amount will depend on the evaluation of DCG’s current situation.
DCG is the parent company of the embattled cryptocurrency lender Genesis, which currently owes creditors over $3 billion. As a result, DCG is considering selling some of its venture portfolio assets to raise money. On its website, DCG lists over 160 crypto companies in its portfolio, with 28 of them having been acquired. Notable companies include CoinDesk, Grayscale, and Genesis which are three of the biggest names in the crypto industry. Other investments include U.S. crypto exchanges Coinbase and Kraken, and Circle, which runs the stablecoin USDC.
Sun is a renowned figure in the crypto space due to his immense wealth, although his exact net worth remains unknown. This isn’t the first time he has offered to help out a struggling company. Sun had previously said he was willing to provide distressed cryptocurrency exchange FTX with billions in aid before the exchange filed for bankruptcy in mid-November, although the deal eventually did not happen. Following the collapse of FTX, Genesis announced that it is temporarily suspending redemptions and new loan originations.
It remains to be seen whether Sun will follow through with his plan to acquire a portion of DCG’s assets, and if he does, it could potentially have a positive effect on the crypto industry. Regardless, it is clear that Sun is more than willing to help out struggling companies in the crypto space, and his potential investment in DCG will be something to keep an eye on in the near future.