Genesis to Get $140 Million Infusion From DCG After FTX Collapse

Crypto brokerage Genesis will get a $140 million equity infusion from its parent company, the Digital Currency Group, after it disclosed its derivatives business has $175 million in funds locked in a FTX trading account.

The capital infusion will be used to strengthen Genesis’s balance sheet, according to a note sent to a counterparty, confirmed by a spokesperson for DCG. The Block first reported on the note.

The bankruptcy of Sam Bankman-Fried’s FTX empire has roiled the crypto sector and left investors on edge about the risk of contagion. Genesis said Thursday in a Twitter thread that “our operating ...