On January 19, 2023, Genesis Global Holdco, Genesis Global Capital, and Genesis Asia Pacific Pte. Ltd filed for Chapter 11 bankruptcy. The petitions were submitted at the United States Bankruptcy Court for the Southern District of New York.

The Debtors have moved for joint administration of their cases for procedural purposes only under the case number assigned to the chapter 11 case of Genesis Global Holdco, LLC.

1. Genesis Global Holdco, LLC is 100% owned by Digital Currency Group, Inc.
2. Genesis Global Capital, LLC is 100% owned by Genesis Global Holdco, LLC.
3. Genesis Asia Pacific Pte. Ltd. is 100% owned by Genesis Global Holdco, LLC.

In a public statement, the company said that it has been engaged in ongoing, productive discussions with advisors to its creditors and corporate parent Digital Currency Group (DCG) to evaluate the most effective path to preserve assets and move the business forward. Genesis has now commenced a court-supervised restructuring process to further advance these discussions and reach a holistic solution for its lending business, which, if achieved, would provide an optimal outcome for Genesis clients and Gemini Earn users.

Genesis stresses that its other subsidiaries involved in the derivatives and spot trading and custody businesses and Genesis Global Trading are not included in the filing and continue client trading operations.

Other crypto companies that have recently filed for Chapter 11 bankruptcy include: FTX, Voyager, Celsius, BlockFi, and 3AC.