Digital Currency Group Appoints Mark Shifke as CFO; Q2 Revenue Surges

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Digital Currency Group (DCG) has appointed Mark Shifke as its new Chief Financial Officer (CFO). Shifke previously held positions at JPMorgan Chase & Co., Goldman Sachs Group Inc., Billtrust, and Green Dot. He replaces former CFO Michael Kraines, who left in April after two years.

Meanwhile, DCG has been undergoing significant changes, including the closure of several subsidiaries such as TradeBlock. It is also reportedly close to finalizing a deal to sell its media property CoinDesk to a syndicate of investors.

In addition, FTX and Genesis have come to an agreement to settle their disputes within their bankruptcy cases. The agreement was disclosed in a letter submitted by their legal representatives to the US bankruptcy court for the Southern District of New York on Thursday.

DCG reported impressive second-quarter financial results in its shareholder letter. The company posted revenue of $216 million, a 17% increase from the previous quarter, according to the report. However, DCG also reported a consolidated quarterly loss of approximately $79 million, primarily due to a one-time counterparty default expense at Genesis.

The second-quarter shareholder letter also revealed progress towards settling the claims of its bankrupt subsidiary Genesis Global Holdco. After months of negotiations led by DCG leadership, the company is close to reaching an agreement in principle to resolve the claims in the Genesis Capital Chapter 11 cases.

Gemini Trust, one of Genesis’s biggest creditors, expressed frustration at the lack of progress with regard to the settlement. Earlier this month, Gemini filed a lawsuit against DCG and its CEO Barry Silbert for allegedly defrauding creditors. The billionaire co-founder of the Gemini crypto platform, Cameron Winklevoss, put forth his “best and final offer” in the bankruptcy restructuring of digital asset lender Genesis. The plan included $1.5 billion in forbearance payments and fresh loans, a $275 million forbearance payment, a $355 million debt tranche due in two years, and an $835 million debt tranche due in five years.

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