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In an open letter posted to Twitter on Jan. 10, Gemini's Cameron Winklevoss demanded the DCG board remove Silbert as CEO and install a new leader. Its time we got to know him better. This site contains affiliate links to products/services. Barry Silbert, Founder of DCG, is locked in an escalating dispute with Gemini co-founder Cameron Winklevoss, wherein customers of Gemini have lost . This compensation may impact how and where listings appear. I write about wealth, billionaires and their companies. The Digital Currency Group (DCG) whale investment fund lost $1.1 billion in 2022 as the company battled to revamp its lending platform Genesis and deal with the effects of the recession. If youd like to retain your premium access and save 20%, you can opt to pay annually at the end of the trial. 2. Proof-of-Work vs Proof-of-Stake: Which is Best? After alleged delaying tactics on the part of Silbert, Gemini founder Cameron Winklevoss gave him an ultimatum. Here are some of the leading investors in Bitcoin, compiled from financial reports, blockchain sources, and media outlets. I started buying bitcoin, you know, at probably around seven bucks and my average price of bitcoin was $11. Venture capitalists bet big on crypto, Media report that UAE considering leaving OPEC not true - sources, As space junk threat grows, government and investors seek solutions, Brazil's Petrobras faces legal risks after halting asset sales -lawyers, Indonesian officials call for audit after Pertamina fire kills 15, American Airlines, flight attendants union seek mediation in contract negotiations, Exclusive news, data and analytics for financial market professionals, spokesperson earlier this month expressed disappointment. Posting the latest news, reviews and analysis to hit the blockchain. But DCGs continued expansion, coupled with its founders keen eye for potential will surely see him climb those rankings soon enough. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. Silbert's current worth is unclear but Forbes pegged it last year at $3.2 billion. Its fair to say that Silbert has an eye for a winner. DCG is facing headwinds with the rest of the industry, however, with reports surfacing of Genesis' looming bankruptcy and a federal investigation into the crypto conglomerate. Barry Silbert, the CEO of troubled crypto empire Digital Currency Group (DCG), defrauded some 340,000 crypto investors using Gemini Earn, according to allegations made by Cameron. Figures like Ethereum creator Vitalik Buterin, Ripple CEO Brad Garlinghouse and billionaire investor Mike Novogratz are familiar to anyone with more than a passing interest in crypto. Investopedia requires writers to use primary sources to support their work. The Gemini Frontier Fund portfolio is focused on investing in early-stage crypto startups. Silbert, 46, cut his teeth on bankruptcies including Enron's and WorldCom's when working at California-based investment bank Houlihan Lokey. Barry Silbert is the founder and chief executive officer of Digital Currency Group. Scott Rolen? He serves as Board Member at Ethereum Classic. But the blowup of FTX tipped the scales, causing Genesis to pause all redemptions. Discover who the major players in cryptocurrency trading are: crypto whales. But is it bad? He graduated from the Goizueta Business School of Emory University in 1998, followed by a six-year stint at investment bank Houlihan Lokey, where he specialized in financial restructurings. Its founder faces criminal and civil charges and goes to trial in October. post-template-default,single,single-post,postid-52783,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer . Other portfolio companies include Genesis, a liquidity provideran entity that funds a pool with cryptocurrencyfor cryptocurrency buyers and sellers in the over-the-counter market. They are believed to be the first to reach billionaire status by investing in Bitcoin, reportedly holding about 70,000 coins, according to Forbes. He does not state their expected profits or losses. The sale of SecondMarket to NASDAQ for an undisclosed sum enabled Silbert to set up DCG in 2015. 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American billionaire Barry Silbert has written to shareholders in his embattled Digital Currency Group, seeking to reassure them of its viability as fears rise for the potential bankruptcy of. organisation As crypto markets soared in value, DCG raised money from the venture capital arm of Bain Capital, MasterCard, New York Life Insurance Company, and Canadian bank CIBC. No self-respecting crypto concern is complete without a retail exchange to call its own and Luno marks DCGs first major foray away from institutional investors. Were the best proxy for investing in this industry, Silbert boasted to CNBC at the time. The co-founder and CEO of business intelligence firm MicroStrategy, Michael Saylor, believes that cryptocurrency is the next biggest investment. Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile. Further layoffs were then announced by Consensys, Amber Group, and DCG portfolio firm LUNO. FTX, once the third-largest centralized cryptocurrency exchange, is now in U.S. bankruptcy. Luno is both a retail exchange and a wallet, with over 5 million customers. Premium access for businesses and educational institutions. Copyright 2023 MarketWatch, Inc. All rights reserved. Expert insights, analysis and smart data help you cut through the noise to spot trends, The company name reflects Silberts belief in the power and potential of blockchain and digital currencies as a whole and not solely bitcoin. In a later letter to. Together, these guys form cryptos unofficial PR department. Grayscale is part of Barry Silbert's Digital Currency Group, which includes the bankrupt lender Genesis and the Polk Award-winning CoinDesk, now reportedly up for sale. As Grayscale caught on with investors, a so-called GBTC premium emerged, in which the price of GBTC shares were trading for a higher price than the underlying Bitcoin held by Grayscale. Theyre among its most visible and vocal figures and theyve all made a ton of money from it. The bank signed its first crypto customer (Barry Silbert's SecondMarket, which eventually evolved into CoinDesk's parent, Digital Currency Group) in 2014, at a time when crypto companies were . Prior to launching the Bitcoin Trust in September 2013, Silbert was running SecondMarket where private company employees could sell their shares. They may be best-known for their unhappy acquaintance with the Zuck and Facebook, but these two have brought their star-power to crypto and are now two of its most fervent champions. DCG is the parent company of CoinDesk. +1.27% (3/10) 18 11 128 Show this thread Check if your After graduating he joined Houlihan Lokey as an investment banker, staying with the firm until 2004. Now, as founder of venture capital firm Digital Currency Group, parent of troubled crypto firm Genesis, he is grappling with problems closer to home. Billionaire Cameron Winklevoss Calls For Removal Of Lying Barry Silbert, CEO Of Flailing Crypto Conglomerate DCG, 2022 Billionaires: Cities With The Most Billionaires, Do Not Sell or Share My Personal Information, Limit the Use of My Sensitive Personal Information. Barry Silbert is the founder of Digital Currency Group, which invests in popular cryptocurrency and blockchain companies. The filing could come as soon as this week, according to Bloomberg, citing unnamed sources. This is a profile preview from the PitchBook Platform. Today's Cryptocurrency Prices by Market Cap, Cboe and Gemini to Launch First-Ever Bitcoin Futures Contract Ticker: XBT, Galaxy Digital Announces Third Quarter 2021 Financial Results, Galaxy Announces Third Quarter 2022 Financial Results. Jan 10, 2023 3:33 PM EST. We use Regardless, it never hurts to hear some helpful advice: DYOR (do your own research) for your investments. Silbert is the founder and CEO of the venture capital firm Digital Currency Group (DCG), which describes itself as the epicenter of the bitcoin and blockchain industry. The company has invested in numerous crypto and blockchain projects, many of which are among the most familiar and famous names in the industry. DCG also has a number of subsidiaries that are themselves big industry players. Featured Image via Shutterstock & Coindesk. On one side, there are the millionaire twin brothers Cameron and Tyler Winklevoss and on the other Barry Silbert, one of the barons of the industry. The letter ended with Cameron Winklevoss telling Barry Silbert to find a solution by Jan. 8. It is a bit of a cash cow. Indeed, Grayscales GBTC product generated $471 million of revenue in 2021. The company has been around since 2013, as it was originally SecondMarkets trading division. As of the date this article was written, the author owns 0.001 Bitcoin. Ebony Howard is a certified public accountant and a QuickBooks ProAdvisor tax expert. Try full digital access and see why over 1 million readers subscribe to the FT, Purchase a Trial subscription for $1 for 4 weeks, You will be billed $69 per month after the trial ends, Russian far-right fighter claims border stunt exposes Putins weakness, Germany seeks to buy Leopard tanks from Switzerland, Germany and Italy stall EU ban on combustion engines, Something is boiling: Turkish football fans tackle Erdoan, Ukraine asks EU for 250,000 artillery shells a month, Saudi owner of Londons most expensive house sued over alleged unpaid private jet bills, Panic station at Fox News: how the Murdochs agonised over Trumps loss, UK housing market braced for make-or-break spring, UK cabbage king turns to plant-based proteins, Airlines plan to sue Dutch government over Schiphol airport flight cap, There are no domestic equity investors: why companies are fleeing Londons stock market, FCA regulator blamed for Arms decision to shun London listing, Live news updates from March 3: Amazon pauses HQ2 construction, UK regulators launch LME probe, Deluge of inflation data pushes US borrowing costs to 2007 levels, Argentina diary: Come armed with $100 bills, The Murdaugh trial: a southern gothic tale that gripped the nation. However, the letter did not reveal if DCG and Barry responded; a scenario that could prevail would be for DCG to file Chapter 11. Reuters, the news and media division of Thomson Reuters, is the worlds largest multimedia news provider, reaching billions of people worldwide every day. All quotes delayed a minimum of 15 minutes. COIN, and other data for a number of reasons, such as keeping FT Sites reliable and secure, The founder of Gemini, Cameron Winklevoss and an apparent Creditors Committee, has given DCG a deadline of 8th of January to repay $900 million owed by Genesis to Gemini Earn. This story was updated to provide comment from DCG on Bloombergs report about a New York investigation. Silbert and his companies defrauded Gemini customers by conspir[ing] to make false statements and misrepresentations about the solvency and financial health of Genesis, alleges Winklevoss. Silbert has come under fire since Genesis suspended withdrawals, with the co-founder of crypto exchange Gemini accusing him of misleading investors and engaging in bad-faith stall tactics. Please enter your username or email address to reset your password. Grayscales flagship was and remains the Bitcoin Investment Trust (BIT), a private, open-ended trust which was one of the first investment vehicles of its type anywhere in the world. Through its numerous subsidiaries, DCG has also invested in more than 200 crypto startups. This makes DCG arguably the biggest crypto hedge fund around, even outdoing other giants like Pantera Capital, Andreesen Horowitz and Mike Novogratzs Galaxy Digital. Barry Silbert's Digital Currency Group looks like one of the last crypto empires still standing after FTX's collapse last year. He eventually sold SecondMarket in 2015 to NASDAQ, who still operate the company as NASDAQ Private Market. A few days ago, DCG wound down its HQ wealth management business, and Genesis laid off 30% of its staff. How much higher can interest rates go. The Winklevoss twins accused Barry Silbert, DCG, and crypto brokerage Genesis of fraud. DCG owns Coindesk, rather than just having some shares. Whipsawing markets, faltering asset prices, rising interest rates yields, and high inflation have all combined to shock stock, bond and crypto markets. "The experience working on complex, problematic restructurings proved invaluable," he told the U.S. Senate Banking Committee in 2011. Learn why they're important, how to become one, and what risks come with it. In addition, Cameron accuses Barry of using NAV trade tactics, which Barry personally benefits from. The Winklevoss twins and other cryptocurrency moguls who bet big on bitcoin have seen their fortunes plummet in recent weeks during a steep selloff in the market, the New York Post reported. Digital Currency Group also invests in Grayscale Investments, which manages the Bitcoin Trust (GBTC), an investment vehicle that holds $15.6 billion in bitcoin as of Feb.19, 2023, which gives investors exposure to its price movements without requiring them to hold any directly. It all makes you wonder what hell manage to achieve over the next eight years. In its second round of layoffs, the digital currency exchange announced it would lay off 20% of its workers. What's next for bonds in 2023 after the worst year in history, Am I crazy? After my mother died, my cousin took her designer purse, and my aunt took 8 paintings from her home then things really escalated, Stocks will have an eight-week rally, and here are six reasons why, says Fundstrats Lee, U.S. stocks end sharply higher, Dow snaps four straight weeks of losses amid signs of a resilient economy. Jed McCaleb is a well-known figure in cryptocurrency, as he was the founder of the notorious exchange Mt. As an innovative company standing at the forefront of technology, it should be expected that it would own cryptocurrencyTesla purchased $1.5 billion worth of bitcoin in 2021 to begin accepting it as a form of payment. Barry Trotz makes perfect sense to be his replacement. Amanda Jackson has expertise in personal finance, investing, and social services. For cost savings, you can change your plan at any time online in the Settings & Account section. Before becoming an entrepreneur, he worked as an investment banker in New York. RSS Feed. Thats by this Monday. How the biggest companies plan mass lay-offs, The benefits of revealing neurodiversity in the workplace, Tim Peake: I do not see us having a problem getting to Mars, Our ski trip made me question my life choices, Michelle Yeoh: Finally we are being seen, Apocalypse then: lessons from history in tackling climate shocks. All Rights Fully Reserved. According to the report by DCG-owned media Coindesk, the crypto conglomerate's full-year revenue stood at $719 million, while revenue in the fourth quarter was $143 million, with a loss of $24 million. In 2004, he founded Restricted Stock Partners, a trading platform for restricted securities issued by companies as part of private deals. offers FT membership to read for free. Tesla engineers and builds electric vehicles and clean energy products. cookies Check if your Crypto feud: DCG CEO Barry Silbert responds to Winklevoss's accusations 3 January 10, 2023, 4:57 PM The feud between Gemini Co-Founder Cameron Winklevoss and Digital Currency Group CEO. We also reference original research from other reputable publishers where appropriate. Investing in cryptocurrencies and other Initial Coin Offerings (ICOs) is highly risky and speculative, and this article is not a recommendation by Investopedia or the writer to invest in cryptocurrencies or other ICOs. So when it went from 11 to 13, I thought I was a genius. Silbert also revealed that their revenue is $800 million for 2022. Barry Silbert, founder and CEO of Digital Currency Group Joe BuglewiczBloomberg/Getty Images Silbert responded by saying that he did not borrow $1.675 billion, and that he "never missed an. Former investment banker Silbert is one of the earliest and most active investors in the crypto space. Being part of DCG has been great in the sense that Silbert lets us think long term, in terms of decades, and is not really worried about month to month, quarter to quarter results, Mike Colyer, CEO and founder of bitcoin miner Foundry, told Forbes last month. Crypto lender Genesis is reportedly making plans to file for bankruptcy as soon. De problemen van de crypto-industrie hielden donderdag aan toen kelderende deposito's, ontslagen en een rechtszaak werden toegevoegd aan het tumult van 2022, dat werd gedomineerd door dalende prijzen en spraakmakende faillissementen. #cryptocurrency #jamiedimon Crypto markets are down sharply after Fed Chair Jerome Powell and JPMorgan CEO Jamie Dimon both voiced regulatory concerns earlier this week. Can you Still Make Money Mining Bitcoin in 2023? The company expanded and changed its name in 2008 to SecondMarket and by 2011 had facilitated billions in private market transactions, according to Forbes. DCG, the company he founded in 2015, says that it is "building and supporting the . Silbert was named to Fortunes 40 Under 40 list. Through its various subsidiaries, DCG has invested in more than 200 crypto startups. Silbert has come under fire since Genesis suspended withdrawals, with the co-founder of crypto exchange Gemini accusing him of misleading investors and engaging in bad-faith stall tactics. Last year, DCG's valuation reached $10 billion, after it sold $700 million of stock in a private sale led by SoftBank Group Corp. DCG had 66 employees at the start of November and holds more . Is he a he? If you do nothing, you will be auto-enrolled in our premium digital monthly subscription plan and retain complete access for $69 per month. The former founded cryptocurrency exchange. In turn, Grayscale charged a flat 2% fee, higher than other ETFs and closed-end funds, and restricted investors from making immediate redemptions for the underlying asset. Simply log into Settings & Account and select "Cancel" on the right-hand side. Michael Novogratz founded Galaxy Digital Holdings, a broker-dealer and cryptocurrency and digital asset management firm. Check your emotions at the door when looking at your portfolio. Bitcoin and cryptocurrencies are volatile investments, but many people continue to invest heavily in them, hoping that they will return to and exceed their previous highs. For a full comparison of Standard and Premium Digital, click here. Silberts wealth in 2018 was reckoned to be somewhere between $400 million and $500 million, putting him 16th on Forbess list of the wealthiest people in crypto. Despite the crypto . Rakesh is an expert in investing, business, blockchain, and cryptocurrencies. Investopedia does not include all offers available in the marketplace. Many big players in finance are going long on bitcoin, seeing it as a hedge against post-Covid inflation, with Grayscale leading the way. Whats our next move? Image via CNBC. Then there are the founders of the Gemini exchange, the infamous Winklevii, Cameron and Tyler Winklevoss. Michael Novogratz, a former hedge fund manager at Fortress Investment Group and partner at Goldman Sachs, is a frequent commentator on bitcoin price action. DCG is . Jan 20 (Reuters) - As an investment banker, Barry Silbert worked on some of the highest-profile corporate failures. We are preserving all legal remedies in response to these malicious, false, and defamatory attacks. Later, he started and sold a financial services company called SecondMarket, which was later acquired by Nasdaq for an undisclosed amount in 2015. SOLUSD, Visit our, Speculation Intensifies Hong Kong Opening Up to Crypto as China FDI Plunges. Barry Silbert is the founder of Digital Currency Group, which invests in popular cryptocurrency and blockchain companies. Bitcoin World Reserve Currency- Possible, or Probable? This had the desired effect of keeping GBTC shares from being sold into the market, Winklevoss notes, but for Genesis, this had the undesired effect of keeping its risk position open and allowing it to grow.. All Rights Reserved. LUNAUSD, As my colleague Guy over at Coin Bureaus YouTube channel has pointed out, financial institutions and hedge funds are starting to quietly accumulate huge stashes of BTC, fuelled in part by the fear, uncertainty and doubt currently hanging over the world. He is the founder, CEO, and chair of Galaxy Digital Holdings, a broker-dealer that offers a full range of blockchain-related asset services. When it fell to 8, I thought I was not, he is quoted as stating in 2017. | 06/01 The troubles at Genesis are a blow to Silbert and his ambition, described to Reuters in a 2017 interview, that DCG would one day become a publicly traded conglomerate akin to Warren Buffett's Berkshire Hathaway. He serves as an Investment Committee member at Luno Expeditions. personalising content and ads, providing social media features and to Winklevoss described a scheme in which Silbert would print money for the DCG universe in perpetuity via one of his crypto subsidiaries, a scenario awfully similar to that of fellow disgraced crypto emperor Sam Bankman-Fried. Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts. The loss of capital is the most significant risk when you invest in Bitcoin because its price is very volatile. Khan conceived and launched the site over the course of a month as a response to the lack of transparent information surrounding bitcoin in those early days. Barry Silbert, back in 2015. Now, as founder of venture capital firm Digital Currency Group, parent of. (Joe Buglewicz/Bloomberg). offers FT membership to read for free. Bitcoin See also: How a bitcoin market in extreme fear compares with the past, and what to expect next. We support credit card, debit card and PayPal payments. Goizueta Business School. 0.38 Amidst all these accolades, in 2012 Silbert first heard about a new technology called bitcoin. Victims of the bloodbath which comes amid a broader stock market rout range from the billionaire crypto titans who run leading marketplaces such as Coinbase Quant Network Review: The Interoperable Blockchain OS, Nexus Mutual Review (NXM): Defi Smart Contract Insurance. Silbert also compared himself to 19th century oil tycoon John D. Rockefeller. Since each individual's situation is unique, a qualified professional should always be consulted before making any financial decisions. Silvergate suspends crypto payments network; shares fall after-hours, Reporting by Tom Wilson in London and Hannah Lang in Washington; editing by Megan Davies, Kirsten Donovan, Cryptoverse: Bitcoin miners get stuck in a bear pit, Cryptoverse: Ether snaps at bitcoin's heels in race for crypto crown, Cryptoverse: Blockchain bridges fall into troubled waters, Cryptoverse: What crisis? A media report that the United Arab Emirates is considering leaving OPEC is "far from the truth," two sources with direct knowledge of the matter told Reuters. That same year, Silbert launched Digital Currency Group and styled it as an old-school holding company, but built for the Web3 age. He holds a lot of Bitcoin and has invested extensively in Bitcoin and blockchain-related companies, having made more than 200 investments through Digital Currency Group. Naturally, Dogecoin co-creator Billy Markus was not too happy to hear this news. "Galaxy Announces Third Quarter 2022 Financial Results.". In the early days everybody kind of celebrated it, recalls Mike Belshe, CEO of crypto custodian BitGo. This is strange because hes behind some of the most influential entities in the crypto space and has invested in some of its best-known projects. was trading around $28,300 Thursday afternoon, down 20% over the past week and nearly 60% lower than its all-time high of $69,000 in November 2021. 2023 PitchBook. CoinMarketCap. DCG has also backed a group of emerging fund managers, crypto protocols, & cutting-edge blockchain projects. DCG CEO Barry Silbert famous that "Whereas we nonetheless imagine within the idea of HQ and its excellent management crew, . Born in 1976, Barry Silbert grew up in Gaithersburg, Maryland, where his first business venture was selling baseball cards. One former SecondMarket employee remembered Silbert as very much a by-the-book kind of guy. Dealing in unregistered securities, Silbert was focused on making sure we were in good standing with regulators. He sold SecondMarket to Nasdaq in 2015 for an undisclosed price, but speculation at the time was that he sold it for $10 million, so peanuts in the current context. Silberts focus on bitcoin manifested itself as Grayscale Investments, which he founded in 2013 after stepping down from running SecondMarket. He began buying it himself, while also recognising its potential as an asset class. DCG did not immediately respond to a request for comment. Thats about 16,000 bitcoin worth $250 million, or circa just 10% of the debt DCG owes. He has received numerous awards and accolades for his leadership including being named Entrepreneur of the Year by both Ernst & Young and Crain's and being selected to Fortune's prestigious "40 under 40" list. It is wildly popular among cryptocurrency enthusiasts and speculative investors. DCG has been an But those losses don't disappear.. Elon Musk's company Tesla purchased $1.5 billion in Bitcoin in 2021 but is down to $191 million as of its 2022 annual filings. Forbes, which specializes in estimating net worth, says that Silbert is now worth zero, down from $3 billion. -0.80% university Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology. There, Silbert worked on some of the most prominent bankruptcies of the Dot-Com collapse, including Enron and WorldCom. It's been a tough. Its been a tough six months to be a crypto investor. The Winklevoss twins launched the Gemini exchange in 2015. Elon Musk is the CEO and co-founder of Tesla (and other companies). NFTs are digital assets that use blockchain technology for security and ownership identification. She is a library professional, transcriptionist, editor, and fact-checker. Standard Digital includes access to a wealth of global news, analysis and expert opinion. Few helpful tips I wish I had been reminded of. The following year it published its influential State of Bitcoin report before launching, in September 2015, the first Consensus conference, a gathering of the great and good from across the blockchain sphere, which remains an important date in the crypto calendar. Galaxy Digital focuses on digital assets; in the third quarter of 2021, it purchased $62 million worth of non-fungible token (NFT) related companies. The company aims to accelerate the development of the global financial system by building and supporting bitcoin and blockchain companies. Hebegan investing in blockchain technology firms around 2013. Many perceive crypto to be a shadowy realm, operating in the darker, dustier corners of the internet. You can find a list of additional resources atSpeakingOfSuicide.com/resources. Rolen is in Cooperstown and the others aren't. Barry Silbert Breaks Silence on Twitter Image Source: Adobestock Digital Currency Group's crypto brokerage firm Genesis owes over $3 billion to creditors, pressing the crypto conglomerate to consider selling assets in its large venture portfolio to raise money. Secure Your Seat. At the cutting edge of technology and Art, LG electronics had a particularly innovative installation at Frieze LA, featuring Digital and NFT work by artist Barry X Ball, whose sculpture sit at the intersection of traditional sculpture and technology. Before we do, lets look at the origins of Silberts rise to the top of the crypto tree. They bought it in 2016 for apparently just half a million. As we have seen, its portfolio of investments is enormous, with over 130 projects supported, including some of the most recognisable names in crypto. Barry Silbert is the CEO of crypto investment firm Digital Currency Group and subsidiaries Grayscale, Genesis Trading, CoinDesk, TradeBlock, Foundry Services, and Luno Global. Silbert, 46, cut his teeth on bankruptcies including Enron's and WorldCom's when working at California-based investment bank Houlihan Lokey. Barry Silbert, the boy that spent his bar mitzvah money to trade baseball cards, now has no money. He serves as Board Member at Ethereum Classic. Winklevoss Capital. These bring Grayscales total AUM to $5.9 billion as of the end of September 2020, with the New York-based trust enjoying record levels of investment during the first quarter of the year.