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The company has not yet made a final decision on bankruptcy and it was still possible to be averted, the NYT added.
Genesis did not immediately respond to a Reuters request for comment on the matter.
Earlier this month, crypto exchange FTX filed for U.S. bankruptcy protection in the highest-profile crypto blowup to date, after traders pulled billions from the platform in three days and rival exchange Binance abandoned a rescue deal.
The collapse of FTX has sparked worries of a contagion effect on other firms already reeling from dampened crypto market this year.
On Monday, Genesis had asserted it had no plans to file bankruptcy imminently, days after it suspended customer redemptions citing the collapse of FTX.
