• Justin Sun, former Tron blockchain co-founder, is prepared to spend up to $1 billion of his own money to purchase assets from Digital Currency Group (DCG).
• DCG is estimated to be worth $10 billion and has $50 billion worth of assets as of 2021.
• Genesis, a DCG subsidiary, announced earlier this month that it will reduce its customer withdrawals in order to avoid filing for bankruptcy.
Cryptocurrency entrepreneur and former Tron blockchain co-founder, Justin Sun, is reported to be interested in investing up to $1 billion of his own money to purchase assets from Digital Currency Group (DCG), the parent company of several well-known cryptocurrency businesses such as crypto asset manager Grayscale.
DCG is estimated to be worth $10 billion and has $50 billion worth of assets as of 2021. Sun’s net worth is currently estimated to be between $250 million and $3 billion, depending on whether traditional assets and cryptocurrencies are included in the estimations.
The move comes after DCG’s subsidiary, Genesis, announced earlier this month that it will reduce its customer withdrawals in order to avoid filing for bankruptcy. The firm currently owes its creditors more than $3 billion.
In a recent interview with Reuters, Justin Sun stated that „depending on DCG’s assessment of the situation,“ he would be willing to spend up to $1 billion to purchase some of DCG’s assets. DCG has so far declined all requests to comment on the latest developments and the expression of interest of Justin sun.
DCG’s venture capital portfolio includes more than 160 companies and investors are keen to find out the scope of Sun’s wealth. Sun’s involvement in the purchase of DCG’s assets is seen as a way to both help the embattled cryptocurrency lender and provide an opportunity to diversify his own portfolio.
It remains to be seen how the situation will develop, but Sun’s interest in acquiring DCG’s assets could be a major turning point for the cryptocurrency industry.
