DCG sells $700 million in stock deal, nabbing $10 billion valuation

advertisement

Add Digital Currency Group (DCG) to the list of crypto company deca-unicorns. 

The firm, which is the owner of asset management firm Grayscale and trading firm Genesis, has sold $700 million worth of shares in a secondary investment round. Participants in the deal included SoftBank Group, Ribbit Capital, and Capital G. 

None of the capital raised in the deal went to DCG, according to an email sent to The Block by the company. The firm is currently profitable and could generate $1 billion in revenues from its family of companies, which also includes media and news outlet CoinDesk.

As for the deal, it allowed early investors to take some profits from their investment in the company, which has only raised $25 million in primary capital since inception. CEO Barry Silbert, which owns about 40% of DCG, did not sell any stock in the transaction. 

In an interview with the Wall Street Journal, Silbert said the firm has no plans to go public, noting, "It is not only not in the works, it’s not even being discussed."

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

REVOLUTIONARY ONE-CLICK-TO-FARM DEFI PLATFORM, DEFIATO, PAVES THE WAY IN CEDEFI

With more than $100 billion in market cap across all chains, it is likely that the DeFi market cap will grow to $200 billion by 2025. However, many users still face various technical barriers when using decentralised platforms to do on-chain farming, staking and trading, while off-chain solutions face liquidity issues, fiat restrictions and the lack of a central multichain to support crypto assets and institutional-grade custodians. 
Read Full Story
Sponsored Post
More