JAN 05, 2023 • 4 Min Read
Genesis considers filing for bankruptcy after firing 30% of its staff. Elsewhere, Kyle Davies of the infamous Three Arrows Capital was subpoenaed on Twitter.
Today, we take a look into the NFT market’s recent performance while our Research team explores the state of web3 gaming as 2022 ends.
This is the Delphi Daily. Let’s dive in.
Year Ahead for Crypto
1/ 2022 was The Great Reset for crypto. Overly hyped trends & mass speculation pushed the crypto market far out over its skis, so last year’s washout was a necessary reset. Today, we present our Year Ahead for Crypto report. Unlocked for the public: ➡️ https://delphi.link/year-ahead
Overview of Genesis Episode
– DCG Owes $2.025B
– Genesis can call their $1.675B loan
– Genesis owes $900M to Gemini
– Grayscale $10B AUM x 2% = $200M x 3x multiple = $600M
– GBTC/ETHE Holdings = 9.7%/3.8% = $629M with discount, $1.17B at Par
– VC book = Firesale values in a bear
– Tommy Shaughnessy (@Shaughnessy119)
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