Share this article
Genesis Bankruptcy Jitters Send Bitcoin to Fresh Low
The troubled crypto brokerage is in talks with potential investors for at least $1 billion in fresh capital, according to a Bloomberg report.
Updated May 9, 2023, 4:03 a.m. Published Nov 22, 2022, 12:33 a.m.
Days after its lending unit was forced to halt withdrawals in wake of the collapse of crypto exchange FTX, Genesis Global Trading has mentioned bankruptcy as a potential option as it seeks fresh capital, reports Bloomberg citing people with knowledge of the matter.
The Wall Street Journal, also citing people familiar, reported that Genesis sought funding from Binance and Apollo Global Management, and that Binance declined to invest, citing potential conflicts of interest.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
The initial news sent bitcoin (BTC) to fresh two-year low of $15,480. But the price has fully recovered back to where it was before the Bloomberg story came out, trading around $15,913 as of this update.
"We have no plans to file bankruptcy imminently," a Genesis representative told Bloomberg. "Our goal is to resolve the current situation consensually without the need for any bankruptcy filing. Genesis continues to have constructive conversations with creditors."
Genesis and CoinDesk share the same parent company, Digital Currency Group.
Read more: Bernstein Says Grayscale Bitcoin Trust Is Protected From Fallout at Sibling Company Genesis Global
UPDATE (Nov. 21, 2022, 23:01 UTC): Updates with the latest bitcoin price.
UPDATE (Nov. 22, 2022, 00:32 UTC): Updates with WSJ report that Genesis sought funding from Binance and Apollo Global Management, and that Binance declined to invest, citing potential conflicts of interest.
Sizin için daha fazlası
Bilinmesi gerekenler:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
What to know:
- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
Top Stories
