News

Digital Currency Group Reports Better than Expected Q1 Revenue

Digital Currency Group (DCG), a venture capital firms has reported better than expected revenue in the first quarter
Published by
Digital Currency Group Reports Better than Expected Q1 Revenue

Digital Currency Group (DCG), one of the largest venture capital firms in the crypto ecosystem, has reported better than expected revenue in the first quarter of this year. As contained in a shareholder letter, DCG said it raked in a total of $180 million in revenue for the quarter, a figure that is up by 63% from the fourth quarter of last year.

The growth in the DCG revenue stemmed from the recovery that was experienced in the broader crypto ecosystem. For the quarter, the company said its losses for the quarter came in at $6 million, based on adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA).

“DCG’s financial performance this year so far is reflective of the market,” the letter said, adding that its revenue for the year came in at $620 million and that it repaid a $350 million senior secured term loan for the quarter.

Digital Currency Group entered this year with a great deal of uncertainty stemming from the financial distress experienced by some business entities in its lending arm Genesis. The losses incurred by Genesis that eventually led to its insolvency was due to its exposure to FTX Derivatives Exchange which filed for bankruptcy earlier in November.

The current performance outlook did not just show that DCG’s finances had become partly stabilized, it shows the firm has started reaping good rewards from its numerous business ventures.

Advertisement

Digital Currency Group: Charting the Future

The Digital Currency Group suffered quite a major blow to its finances in the 2022 Financial year with a total loss of $1.1 billion bordering on crypto prices plunge and Genesis restructuring.

The loss is being parred off but the man behind the company’s financial department, the Chief Financial Officer Michael Kraines stepped down from his role in the firm. The company told its investors that Kraines’ role will be temporarily taken over by President Mark Murphy and Chief Strategy Officer Simon Koster.

The company said it had enlisted the services of Heidrick & Struggles to help in searching for a new CFO. The experts that will be taking over the role in the firm will have to do a lot to reposition the business and continue on a path of profitability.

Advertisement

Share
Godfrey Benjamin

Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture. Follow him on X, Linkedin

Published by
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Recent Posts

  • News

BSC Meme Season Ends as PumpFun Surpasses Four Meme Amid $8M Inflows

The latest market data suggests that the BSC Meme Season may be coming to an…

October 22, 2025
  • News

ProShares Files for Index Crypto ETF Tracking Bitcoin, Ethereum, XRP, and Solana

Asset manager ProShares is seeking to establish a new crypto ETF tracking the CoinDesk 20…

October 22, 2025
  • News

Trump Says Meeting with China May Not Happen, Bitcoin Drops

U.S. President Donald Trump has cast doubts over his meeting with China's President Xi Jinping.…

October 21, 2025
  • News

The Great Rotation? Bitcoin Rises as Gold Sees Largest Daily Drop Since 2013

Experts have indicated that a rotation might be occurring with investors moving from gold to…

October 21, 2025
  • News

Crypto Czar David Sacks to Meet Senate Republicans In Bid To Advance Market Structure Bill

Crypto and AI Czar David Sacks is set to meet with Republican members of the…

October 21, 2025
  • News

Waller Floats ‘Payment Account’ Framework to Provide Crypto Firms Access To Fed’s Payment Rails

Federal Reserve Governor Chris Waller has floated the idea of a 'Payment account' framework that…

October 21, 2025