Barry Silbert, the founder and CEO of Digital Currency Group (DCG), has sold a portion of his Grayscale Ethereum Classic Trust (ETCG) shares. An SEC filing revealed that Silbert had liquified nearly 120,000 ETCG shares, worth an aggregate market value of $755,295. The sale of these shares suggests that the crypto permabull has reduced his stake in the ETCG fund, which has assets worth $225 million and 14 million outstanding shares distributed among its shareholders.

The ETCG fund, launched in 2017, enables investors to gain exposure to Ethereum Classic (ETC) through a brokerage account. This cryptocurrency was hard forked from Ethereum (ETH) in 2016, in order to return millions worth of stolen funds to investors after a hack. This fork was backed by Ethereum co-founder Vitalik Buterin.

The sale was carried out by New York-based firm Cannacord Genuity on April 28, on the OTCQX, a high tier of the over-the-counter (OTC) market for trading securities. Silbert's shares, which were acquired during two privately negotiated transactions over the 2017-2018 period, were sold at the OTCQX. According to the filing, the CEO has not yet made any official comments on the recent transaction.

The transaction occurs at a time when DCG-owned lending desk Genesis faces a debt of $630 million, which is owed to Gemini, a crypto exchange and custodian owned by the Winklevoss twins. Both parties recently announced they had commenced a 30-day period of mediation to address the loan balance. A default on the obligation may land DCG in hot waters.

In conclusion, Barry Silbert's ETCG sale brings considerable attention to the ongoing DCG debt settlement and highlights the significance of the OTCQX in cryptocurrency trading. The transaction also indicates that the crypto permabull is adapting to the changing market dynamics.



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