The CEO of Bitcoin Magazine has published documents on X (formerly Twitter) suggesting that DCG borrowed approximately $500 million from the now-bankrupt lender, Genesis. Bailey asserts that these funds were used to “manipulate and prop up the price of GBTC.”

The regulator had previously outright rejected Grayscale’s application to convert its Bitcoin Trust into a Bitcoin ETF. The court of appeals ruled that this decision was wrong, with the judge calling the SEC’s actions “arbitrary and capricious.”

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Grayscale Investments, a subsidiary of Digital Currency Group, is experiencing serious problems with its main product, the Grayscale Bitcoin Trust (GBTC). GBTC shares are trading at a record discount, which on December 13 reached -48.89% according to ycharts.com.