华尔街日报：金融大佬也"翻车"，DCG创始人如何摆脱困境？

Odaily星球日报Published on 2023-01-18Last updated on 2023-01-18

Abstract

如今，Silbert 正努力让 DCG 的贷款公司免于破产。

Digital Currency Group (DCG) 首席执行官 Barry Silbert 曾在传统金融市场耕耘多年，转战加密领域后成功缔造了他的 DCG 帝国，现在正在努力使其经纪公司免于破产。

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一年前，Barry Silbert 在 DCG 持有的 40% 股份价值超过 30 亿美元。DCG 是一家加密企业集团，触角几乎遍及从贷款到比特币挖矿等行业每个角落，该集团在康涅狄格州的豪华办公室拥有大理石装饰的厨房、咖啡师和法国大厨。

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Silbert 是一位 46 岁的金融资深人士，他的职业生涯始于帮助公司重组和应对经济低迷时期，与许多加密高管不同，他在推特上发布了他在数字资产中看到的风险行为的警告，暗示他预料到了可能出现的问题。

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如今，Silbert 正努力让 DCG 的贷款公司免于破产。DCG 的其他业务，如基金管理公司 Grayscale Investments、比特币矿企 Foundry 和媒体 CoinDesk 也面临着重大挑战。

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如果说加密交易所 FTX 和 Sam Bankman-Fried （SBF）的倒闭是由于缺乏经验和欺诈，那么 Silbert 公司的危机是过于乐观的金融家最容易犯的通病，包括增长太快，与错误的人做生意并大规模借款，就 DCG 而言，甚至是从子公司那里借钱。

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Silbert 复刻巴菲特的模式建立了自己的公司，其投资者或顾问包括美国前财政部长 Larry Summers、Silver Lake 联合创始人 Glenn Hutchins 和贝恩资本风险投资公司。即便如此，DCG 还是背负着沉重的债务来扩张。

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Digital Assets Data 曾是 DCG 风险投资组合的一部分，其创始人 Mike Alfred 说：「这个组织变得如此庞大，它的成功似乎也暗示了失败，Silbert 不再能够亲自参与每个子公司的风险管理。」

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Silbert 现在正在处理的棘手问题包括：

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DCG 贷款公司 Genesis

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美国证券交易委员会（SEC）起诉 Genesis 和加密货币交易所 Gemini Trust Co. LLC，称这两家公司为让投资者有机会在加密货币领域获得高于市场的回报而开展的项目违反了投资者保护法

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灰度比特币信托基金（GBTC）的价值

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DCG 的风险投资及其矿业、媒体和其他业务的估值在市场急剧下滑的情况下也大幅下跌

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Silbert 在 1 月 10 日写给股东的信中说：「过去的一年是我一生中最艰难的一年」。

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在接受采访时，他表示相信加密行业将会反弹，DCG 也会随之反弹：「我们的生存毫无疑问，我们拥有出色的业务、出色的投资和出色的团队。」

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Silbert 表示，Genesis 的大部分麻烦是由于 FTX 和一个大型对冲基金客户的意外崩溃，以及加密货币价格的崩溃，公司团队正在努力寻找解决方案，其他 DCG 子公司和投资将成为强大的实体。

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Silbert 曾经成功度过经济低迷时期。与他共事过的人表示，如果加密市场稳定下来，DCG 的许多业务仍能保持盈利并保持良好的前景。

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曾经是 Houlihan Lokey 的投资银行家

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他说，他在比特币交易价格低于 10 美元时买入，而最近的价格略高于 21, 000 美元， 2021 年的峰值价格超过 68, 990 美元。随着它的上涨，他将个人资金中的几十万美元投资于加密基础设施建设项目。

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他在 2012 年表示：「我对无边界、无摩擦的数字货币形式的潜力感到兴奋，我不会停止对比特币的布道。」他说服了 SecondMarket 董事会创建了后来的 Grayscale Bitcoin Trust。

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SecondMarket 被出售给纳斯达克后

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据知情人士透露， DCG 的高管几乎没有反对快速增长，也没有来自投资方、顾问或担任其董事会成员的金融巨头的反对意见。其中，Hutchins 和 Summers 最近几个月与 DCG 断绝了联系，双方的代表以及贝恩的代表均拒绝置评。

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与加密领域中一些通过媒体露面或大胆预测立人设的企业家不同，Silbert 通常避免公开发言。与他共事过的人说，他不喜欢闲聊，他的办公桌上有三个电脑屏幕，用来运行 Twitter 和 CNBC。他的妻子曾向他的一位同事透露，度假时，Silbert 经常拖着成堆的书到酒店游泳池。

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Silbert 向员工明确表示，DCG 不会上市。随着加密货币价格飙升，业内一些人进行了华而不实的收购，他告诉同事，他们正在积累「世代财富」，并敦促他们不要炫耀。

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一位前同事称 Silbert 告诉他们：「你们不要试图成为靶子」。DCG 的一位女发言人说，Silbert 并不记得曾说过类似的话。

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2020 年前后，Silbert 决定将大部分业务从曼哈顿下城搬到他居住的康涅狄格州 Stamford。DCG 斥资 5000 万美元翻新了那里的一间办公室，希望能吸引年轻员工，例如安装一个华丽的厨房，厨师可以在这里准备午餐，例如烤章鱼，而 Silbert 通常带饭上班。

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Genesis 根据地在纽约， 2021 年的圣诞派对在 Cipriani 餐厅举办，现场有完整的管弦乐队、DJ、大型零食吧、游戏机和香槟塔。Silbert 本人 没有参加此次 party。

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据与 Silbert 关系密切的人士称，西尔伯特先生不喜欢管理员工。相反，他专注于分配资金并将日常决策交给每个部门的管理层。

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2021 年 6 月，由于加密货币仍然强劲，Silbert 在推特上写道：「加密货币领域存在一条由借款人和贷款人组成的 daisy chain——大部分资本充足，但有些资本不足……了解链环节中的交易对手风险以及弱者在哪里很重要」。

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尽管如此，在 2022 年初，除了 2021 年和 2022 年从 Genesis 借来的数千比特币之外，DCG 还从自己的 Genesis 借贷公司借了近 5 亿美元，用于投资股票和数字代币，并从投资者那里回购股票。

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该公司表示，当时 DCG 的估值为 100 亿美元，每年的现金流量超过 10 亿美元，这对 Silbert 和团队来说证明了借款是合理的。

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Genesis 向三箭资本有限公司提供了大量贷款，这是一家押注于加密货币 TerraUSD 的新加坡对冲基金。去年，Genesis 向三箭公司提供了 24 亿美元的贷款。据法庭文件和知情人士透露， 80% 的信贷以比特币、以太坊、灰度比特币信托、灰度以太坊信托和其他低流动性的加密货币的形式抵押。

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TerraUSD 在 5 月暴跌，三箭也倒闭了，由于其贷款抵押品价值暴跌，Genesis 蒙受了巨大损失。

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DCG 吸收了 Genesis 的债务，并向三箭公司提出了 12 亿美元的索赔。三箭的创始人拒绝置评。

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11 月 FTX 的崩溃加剧了 Genesis 的麻烦。据《华尔街日报》报道，Genesis 已向加密交易所的姊妹交易公司 Alameda Research 借出数亿美元。Genesis 在 11 月 10 日表示，其衍生品和交易业务在其 FTX 交易账户中拥有约 1.75 亿美元的「锁定资金」。

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去年年底，Silbert 开始谈判以挽救 Genesis 并重振 DCG，DCG 因三箭资本违约而向 Genesis 提供 11 亿美元的期票。

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Genesis 债权人、由 Cameron 和 Tyler Winklevoss 创立的加密货币交易所 Gemini Trust 已向 Genesis 施压，要求其退还超过 9 亿美元的 Gemini 客户存款。在 Twitter 上，Cameron Winklevoss 发布了一封公开信，指责 Silbert 「恶意拖延战术」。

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DCG 发言人说：「这是又一次孤注一掷、毫无建设性的宣传噱头。」 DCG「将继续与 Genesis 及其债权人进行富有成效的对话，目标是找到一个对各方都适用的解决方案。」

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在美 SEC 周四对 Genesis 和 Gemini 提起的诉讼中，监管机构表示 Genesis 应该注册其加密借贷产品，这将要求它向客户提供详细的财务披露。Genesis 发言人和 DCG 均拒绝就此诉讼置评。

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Tyler Winklevoss 在推特上表示，Gemini Trust 与 SEC 进行了 17 个多月的讨论，但在 Genesis 暂停取款之前，该机构从未提出执法行动的可能性，SEC 没有回应置评请求。

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去年 12 月，纽约对冲基金 Fir Tree Partners 在特拉华州衡平法院起诉 Grayscale Investments，寻求相关细节，以调查 Fir Tree 所指控的管理不善和潜在的利益冲突。一群小股东正试图强制削减费用、管理层改组和其他变革。

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Silbert 在致股东的信中说：「在花了 10 年时间为这家公司和这个领域倾注了一切，并坚持不懈地专注于以正确的方式做事之后，我的诚信和善意受到了质疑，这一直是一个挑战。」

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Grayscale 的一位女发言人称该诉讼毫无根据，并表示：「我们期待澄清对我们公司和产品的众多错误描述。」

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根据最新的监管文件，Grayscale Bitcoin Trust 在 2021 年收取了 6.15 亿美元的投资者费用。分析师表示，它仍然是一个赚钱的业务。但加密抛售意味着 DCG 的所有资产的价值可能只是一年前的几分之一。大约两周前，DCG 关闭了其财富管理业务总部，以削减成本。

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Silbert 说：「如果你像我们一样相信加密行业正在经历最新的洗牌期并将反弹，那么我们将成为该领域的领导者，我们有很多企业和业务，正在共克时艰，努力解决这个问题。」

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