1. Out of Genesis Global’s total assets of $414M, 74% are Ethereum (ETH) and ERC-20 tokens.
2. 11% of the assets are distributed mainly between Avalanche, Fantom, and BNB Smart Chain.
3. Genesis Global’s trading wing continues to remain active on the markets despite the filing for bankruptcy protection.
Genesis Global, a crypto lending firm, has recently filed for bankruptcy protection, however, its trading wing remains active on the markets. According to on-chain data from Jan. 23, the firm’s total assets amount to over $414 million, of which 74% are Ethereum (ETH) and ERC-20 tokens. Specifically, 51.4% of the assets are ETH while 32.68% are USDC, a fiat-pegged stablecoin issued and managed by Centre. In addition, there are decent chunks of COMP, the native token of Compound, Sand of The Sandbox metaverse project, and APE, the native coin of ApeCoin, an NFT project associated with Bored Ape Yacht Club (BAYC).
Furthermore, around 11% of the total assets are marked as “others”, which mainly consists of assets distributed between Avalanche, Fantom, and BNB Smart Chain. These “other” assets include portions of synthetix (SNX), BUSD, and other crypto assets. Despite the filing for bankruptcy protection, the trading wing of Genesis Global continues to remain active on the markets and is not subject to chapter 11. This was confirmed with a statement released by the firm: “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.”
Overall, the crypto assets of Genesis Global have benefited significantly from the market-wide recovery that has taken place in January. This is evidenced by the fact that the total assets have swung from $9.7 million to the current value of over $414 million.