Justin Sun eyes up to $1 billion spend on DCG assets: Reuters
Quick Take
- Justin Sun told Reuters that he’s considering buying up to $1 billion of Digital Currency Group’s assets. The crypto conglomerate owns embattled lender Genesis.
- Sun did not specify which assets he may be looking to purchase.
Tron founder Justin Sun is reportedly considering spending as much as $1 billion on assets of crypto conglomerate Digital Currency Group, which owns troubled crypto lender Genesis among several notable crypto firms.
While Sun did not specify which assets he was considering, he said in an interview with Reuters that he would be willing to spend as much as $1 billion, "depending on their evaluation of the situation."
The Block reached out to DCG for comment but did not hear back by the time of publication. DCG declined to comment to Reuters.
On Thursday, a Financial Times report said that DCG was looking to sell parts of its venture portfolio to plug the $3 billion Genesis owes its creditors. The crypto lender temporarily froze loan redemptions in November, citing the collapses of FTX and crypto hedge fund Three Arrows Capital. The firm later warned of a possible bankruptcy without procuring extra funding.
Sun has previously expressed interest in buying other firms when there were concerns about their market health.
When it first emerged that crypto exchange FTX was embroiled in a liquidity crisis, Sun said that he was working on a "solution" with FTX, but no deal materialized.
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