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DCG Misses $640m Payment, 3AC's NFTs Fetch $2.5m, and Pudgy Penguins Launch Toys on Amazon

May 22, 2023
Author
Walter Teng, CFA
Walter Teng, CFA AC
Market Update Equity markets opened the week with mixed results while bonds yields ticked higher as investors eagerly await updates on debt-ceiling negotiations. Relative to last week's close, $NDAQ is trading at -0.2%, $SPX is flat (+0.1%), while $QQQ is changing hands at +0.4%. US02Y and US10Y are up 1% on the day, reflecting the President's and House Speaker's meeting later today in an effort to avoid a technical default. Digital asset markets are relatively flat in the past day - $BTC and $ETH are trading at -0.1% and +0.1% over the period. After its meteoric rise in the past 3 weeks, $PEPE has seen a prolonged retracement, declining by 5.4% over the past day. While $RNDR has retraced by 3.5% in the past 24 hours, the decentralized GPU network has been the biggest gainer in the top 100 for the past week (+33.6%), coinciding with strength in metaverse-related tokens. Crypto exchange Gemini reported that the Digital Currency Group (DCG) has missed a $630 million payment to its bankruptcy-stricken subsidiary, Genesis Global Capital. Gemini, a creditor to Genesis, has partnered with other creditors to provide forbearance to DCG to avoid a default. Should no agreement be reached with DCG, Gemini intends to work with other creditors to propose an "amended plan of reorganization"

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