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

Nov 1, 2021 | The Block News | 0 comments

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

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.”

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

News Source from TheBlockCrypto.com

Related Articles

An updated look at DeFi audits and bug bounties

An updated look at DeFi audits and bug bounties

Quick Take As DeFi continues to grow, exploiting smart contracts will become more and more lucrative While hacks are inevitable, reasonable efforts can be made to ensure that the likelihood of their occurrences is kept at a minimum Smart contract audit firms are...

Pin It on Pinterest

Share This