3AC, DCG & Amazing Coincidences

This thread introduces the idea 3AC and DCG were maybe working together.
This thread analyzes Genesis in detail and finds likely Genesis-GBTC activites too.

GBTC

Share counts in millions. 1 share = 0.001 BTC. So 1 million shares = 1 thousand BTC.
Grayscale filing extract showing DCG-affiliates own many shares.

3AC

Genesis

Table assembled from reading every Genesis quarterly report and writing down the numbers. Did anyone ever do this before?
Genesis BTC lending and GBTC outstanding.
The first 3AC GBTC tweet. At least that wasn’t deleted.

USD Loans

3AC pledges of GBTC shares.
Genesis USD and USD-equivalent loans outstanding, in millions.

We provide non-recourse, non-purpose capital at competitive terms in exchange for equity collateral. The equity becomes part of our portfolio for the financing term, but the borrower retains all beneficial ownership and upside from the asset upon completion of the financing term.

Clown Accounting

A Guess What Happened

We were never seen in any clubs spending lots of money. We were never seen, you know, kind of driving Ferraris and Lamborghinis around

I spent a lot of money on booze, birds and fast cars. The rest I just squandered.

was bought over a year ago and commissioned to be built and to be used in Europe

Genesis’s Role

activities that could influence artificially the market for the offered security

Why Do This?

Is This Right?

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