.BernsteinBuzz sees three potential resolution structures for DCGco. These include raising capital, selling non-strategic assets or a dissolution of GBTC. BernsteinGautam By willcanny99
Genesis’ extended withdrawal freeze – the lender has told its creditors it will taketo find a solution – continues to weigh on crypto markets, Bernstein said in a research report Thursday.
The “nuclear option” and the least preferred choice for DCG would be a dissolution of GBTC, the report said. DCG could apply forand instead of bitcoin being sold in the open market upon dissolution, it could be exchanged for GBTC shares. That would leave holders of GBTC with bitcoin instead, causing the least market impact. It's unclear, however, that GBTC holders want to own the bitcoin itself as many bought the fund to avoid the hassles of cryptocurrency custody, the report added.
Given the size of loans and illiquid assets, it is likely that the state of the balance sheet would weigh on the residual equity value, Bernstein said. This suggests that any deal would require a more strategic partner to be involved.
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