Digital Currency Group Sells $700M Worth of Shares in Latest Investment Round

By Mayowa Adebajo
Published November 1, 2021 Updated November 1, 2021
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Digital Currency Group (DCG) has confirmed that it has sold $700 million worth of shares after completing a major secondary investment round.
DLD* (Digital-Life-Design) Conference celebrates its 10th anniversary edition in Munich, January 19-21, 2014 by Hubert Burda Media

Digital Currency Group Sells $700M Worth of Shares in Latest Investment Round

By Mayowa Adebajo
Published November 1, 2021 Updated November 1, 2021

Digital Currency Group (DCG) has confirmed that it has sold $700 million worth of shares after completing a major secondary investment round.

Digital Currency Group Sells $700M shares to Alphabet and The Likes

Arguably one of the largest companies in the crypto industry, DCG officially announced on Monday, that it has sold the shares to companies including Google’s parent company, Alphabet, bringing its total valuation to over $10 billion.

Announcing the development, DCG CEO and founder, Barry Silbert proudly welcomed SoftBank, Ribbit, CapitalG, Emory, GIC, and Tribe to an already impressive list of DCG shareholders. He then went on to heap praises on the company’s over 1,000 employees, and all of the other wholly-owned subsidiaries that made the investment happen.

While speaking during a Wall Street Journal interview, Silbert insisted that the investment wasn’t focused on raising funds for DCG. He claims that the Digital Currency Group saw it as an opportunity to help some early investors exit with reasonable profits. According to the company, all of the money raised went to the selling shareholders, who then sold only parts of their stake. Silbert himself however, didn’t sell any stock in the latest round, even though he owns about 40%  shares in the firm.

About Initial Public Offerings

Silbert also spoke about the company’s plans for a potential initial public offering. He said while that might come up later, it is presently not in the plans and not being discussed for now. The CEO reiterated that DCG has been profitable and is well on course to top $1 billion in revenue for the year.

DCG is a bigwig in the crypto industry, renowned for operating Grayscale Investments, and is the world’s biggest digital asset manager with $50 billion under management.

Recall that Silbert also hinted in mid-October, that the company is presently planning to convert its Bitcoin Trust into a spot-settled Bitcoin exchange-traded fund.

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Mayowa Adebajo
142 Articles
Mayowa Adebajo is a fintech enthusiast with a decade-long experience writing news stories and creating content generally. When he's not writing, he's either talking politics or discussing sports.