Digital Currency Group (DCG) just announced that it has finally wiped out all its short-term debt as of June. It took them 18 months and more than $1 billion to clear the slate with their creditors.

And yeah, they had a good first half of the year, which helped. But there’s still one big thing left on their plate—a $1.1 billion promissory note to their bankrupt crypto-lending arm, Genesis, which isn’t due until 2032.

Now, let’s not forget the situation DCG and Genesis got themselves into back in 2022. When things hit the fan with Three Arrows Capital (3AC) and FTX, Genesis got dragged down with them. 

Genesis had loaned billions to 3AC, expecting to get paid back. But when Su Zhu and Kyle Davies’ empire crumbled, Genesis was left holding the bag. 

DCG had to step in to keep Genesis afloat, throwing them cash and this $1.1 billion promissory note that’s still hanging over their heads.

In October last year, New York Attorney General Letitia James decided to file a lawsuit against Genesis, DCG, and Gemini, accusing them of lying to investors. All three companies pushed back, saying the charges were bogus. 

Despite the drama, a bankruptcy judge approved a $2 billion settlement between Genesis and the NYAG’s office in May. So, at least that’s one thing off their list.

The latest shareholder letter from DCG reveals that Genesis and DCG have made some headway in paying back Genesis’ creditors. This includes Gemini, which had loaned Genesis its customer deposits through its “Earn” program. According to the letter: 

“Over 99% of the more than 200,000 Genesis claimholders are receiving a full recovery.”

DCG didn’t hold back in patting themselves on the back for what they called “an extraordinary recovery for any bankruptcy.” But honestly, they had no choice but to make this work.

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