Genesis's Fundraising Target Reduced from $1 Billion to $500 Million

Genesis has faced a liquidity crunch since FTX's bankruptcy filing earlier this month and has been trying to raise at least $1 billion, including from Binance, Bloomberg said. Its fundraising target has reportedly been reduced from $1 billion to $500 million. DCG is unwilling to sell parts of its venture portfolio and is also not looking to sell Grayscale. It is working with bankers from Ducerne Partners LLC, people familiar with the situation said. In addition, Genesis said in a statement that it has no plans to file for bankruptcy "imminently," and that it's working to resolve the current situation.