Crypto exchange Genesis discloses exposure to bankrupt Three Arrows Capital [Financial Post (Toronto, Ontario, Canada)]
Coinbase Global, Inc. - Class A (COIN)
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Source: Financial Post
Advertisement Genesis Chief Executive Officer Michael Moro in a tweet said the firm’s parent company Digital Currency Group has assumed some of its liabilities. Genesis is also pursuing all strategies to recover any potential loss, he added. The loans to Three Arrows had a weighted average margin requirement of over 80%, Moro said. The disclosure comes weeks after Moro said Genesis had mitigated its losses with a “large counterparty” that had failed to meet a margin call. Aggressive rate hikes by the U.S. Federal Reserve and recession fears have led to a turmoil in equities and sparked a sell-off in crytocurrencies. The crypto winter has also hurt other major players like Coinbase Global Inc, which last month said it would cut about 18% of its workforce.
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COIN
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- 2/15/24 - Beat
COIN
Sec Filings
- 4/25/24 - Form 4
- 4/25/24 - Form ARS
- 4/25/24 - Form DEF
- COIN's page on the SEC website