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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