The lending businesses of
Genesis
have filed for bankruptcy, making the institutional digital asset powerhouse the latest casualty in a yearlong crash in cryptocurrencies.
Genesis Holdco and two subsidiaries—distressed lender Genesis Global Capital and an Asia-Pacific arm—filed for Chapter 11 bankruptcy protection in the Southern District of New York, the group said Friday. Genesis Holdco owes its top 50 creditors about $3.4 billion, according to bankruptcy filings, including $53 million to a VanEck fund for accredited investors. VanEck is one of the few mainstream fund companies to have made a push into digital assets.