Beyond Grayscale Investments has more than $50 billion in Assets Under Management (AUM) and DCG is also the parent company to outfits including Genesis, TradeBlock, Luno, Foundry, and Coindesk.
According to the firm, the better part of the funding will be used to bankroll these agencies amidst an ongoing surge in demand in crypto-related services from both retail and institutional investors.
“We’ve solidified our premier market position in recent years through the development and growth of our diversified subsidiaries, continued expansion of our investment portfolio, and via acquisitions,” said DCG CFO Michael Kraines.
DCG group is known for its investment in more than 200 blockchain and crypto-related firms, putting it at the forefront of fueling innovation in the digital currency ecosystem.
“We’re the best proxy for investing in this industry,” Silbert told CNBC in an interview. “We were looking for the type of backers that could be, and hopefully will be with, with us on this journey for the next couple of decades.”
The latest funding round places the Digital Currency Group at a $10 billion valuation. The company now ranks alongside blockchain payments firm Ripple Labs Inc, Kraken Exchange, and Circle as one of the most profitable private crypto companies in the United States and the world at large.
Investments in cryptocurrency-focused outfits are no longer an uncommon event today.
Group (DCG) has announced its latest secondary share sale, in which it pulled about $700 million in funding.
The funding round was sparked by a wave of existing investors who sold their shares to the new investors. However, DCG Founder and CEO Barry Silbert confirmed he did not sell any of his shares in the latest round.
Prominent investors include Softbank Group Corp’s Vision 2 Fund, Ribbit Capital, GIC Capital, and Latin American Funds.
The secondary share sale was also embraced by Alphabet Inc’s CapitalG, marking a grand first-time investment into the company with a plethora of investment portfolios.
Digital Currency Group operates the Grayscale Investments who administers the Grayscale Bitcoin Trust (GBTC), a $50 billion that the company said it wants to turn into a full-fledged Exchange Traded Fund (ETF) product, subject to regulatory approval.
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Luno is a consumer-focused digital asset platform that provides digital asset education and investment tools to more than nine million customers in Africa, Asia, and Europe. Foundry powers decentralized infrastructure with better capital access, efficiency, and transparency in digital currency mining and staking, and hosts North America’s largest Bitcoin mining pool.
CoinDesk is a premier financial media, data, index, and events company, and TradeBlock has developed an institutional trading platform.
“We’ve solidified our premier market position in recent years through the development and growth of our diversified subsidiaries, continued expansion of our investment portfolio, and via acquisitions,” said DCG CFO Michael Kraines.
Digital currency group 600m eldridge 700mm
Grayscale Investments’ parent company Digital Currency Group (DCG) said it has secured a $600 million credit funding, billed to power its many diverse operations.
As announced by the company, Eldridge led and served as the administrative agent of the credit facility, and amongst the lenders and funds which bankrolled the facility includes Capital Group, Davidson Kempner Capital Management, and Francisco Partners. The credit facility will allow the DCG to draw any amount at any time as it looks to bolster its operational capabilities across the board.
“This financing strengthens our ability to respond dynamically to opportunities in the market,” said DCG Founder and CEO Barry Silbert.
Beyond Grayscale Investments has more than $50 billion in Assets Under Management (AUM) and DCG is also the parent company to outfits including Genesis, TradeBlock, Luno, Foundry, and Coindesk.
According to the firm, the better part of the funding will be used to bankroll these agencies amidst an ongoing surge in demand in crypto-related services from both retail and institutional investors.
“We’ve solidified our premier market position in recent years through the development and growth of our diversified subsidiaries, continued expansion of our investment portfolio, and via acquisitions,” said DCG CFO Michael Kraines.
CoinDesk, said it raised $600 million in a new credit facility, marking its first entry into the debt capital markets.
- “This financing strengthens our ability to respond dynamically to opportunities in the market,” said DCG Founder and CEO Barry Silbert in a statement.
- The credit facility’s administrative agent was Eldridge and the syndicate included institutional lenders and funds managed by Capital Group, Davidson Kempner Capital Management and Francisco Partners, among others.
- “We’re very pleased to partner with this cohort of high-quality institutional lenders and, as a profitable and rapidly growing company, we are fortunate to be able to access this growth financing with an attractive cost of capital,” Silbert said.
- The raise comes two weeks after DCG sold $700 million through a secondary stock sale led by a pair of SoftBank funds.
The round was led by SoftBank Group, Alphabet Inc.’s growth fund CapitalG and Ribbit Capital, the company announced on Monday. SoftBank invested through its technology-focused investment fund Vision Fund 2 and its Latin America Fund, which aims to partner with companies and entrepreneurs “defining the future of the region.”
The investment also wasn’t about raising funding for the company, Barry Silbert, founder and CEO of Digital Currency Group told the Wall Street Journal, but was rather an opportunity for early investors to take profits.
While some DCG investors took profits, Silbert was not among them and continues to own almost 40% of the company.
Grayscale Investments’ parent company Digital Currency Group (DCG) said it has secured a $600 million credit funding, billed to power its many diverse operations.
As announced by the company, Eldridge led and served as the administrative agent of the credit facility, and amongst the lenders and funds which bankrolled the facility includes Capital Group, Davidson Kempner Capital Management, and Francisco Partners. The credit facility will allow the DCG to draw any amount at any time as it looks to bolster its operational capabilities across the board.
“This financing strengthens our ability to respond dynamically to opportunities in the market,” said DCG Founder and CEO Barry Silbert.
Beyond Grayscale Investments has more than $50 billion in Assets Under Management (AUM) and DCG is also the parent company to outfits including Genesis, TradeBlock, Luno, Foundry, and Coindesk.
According to the firm, the better part of the funding will be used to bankroll these agencies amidst an ongoing surge in demand in crypto-related services from both retail and institutional investors.
“We’ve solidified our premier market position in recent years through the development and growth of our diversified subsidiaries, continued expansion of our investment portfolio, and via acquisitions,” said DCG CFO Michael Kraines.
We’re very pleased to partner with this cohort of high-quality institutional lenders and, as a profitable and rapidly growing company, we are fortunate to be able to access this growth financing with an attractive cost of capital.”
Founded by Silbert in 2015, DCG is a global investment company that has invested in more than 200 blockchain companies and is the parent company of several subsidiaries that have emerged as digital asset leaders and grown significantly. Grayscale Investments is the world’s largest digital currency asset manager with more than $50 billion in assets under management.
Genesis is a full-service digital currency prime brokerage and one of the leading institutional trading and lending firms in the world.
DCG continues to play a leading role in the financing and development of this remarkably dynamic sector.”
Today, DCG and its subsidiaries are some of the most recognized, innovative, and active participants in the digital currency and blockchain industry. The company is backed by some of the world’s most prominent investors and its subsidiaries collectively employ more than 1,000 people worldwide.
Digital Currency Group was advised by Goodwin Procter who served as legal counsel and Ducera Partners who served as financial advisor in connection with the debt capital raise.
About Digital Currency Group
Founded in 2015 by CEO Barry Silbert, DCG is the most active investor in the blockchain sector, with a mission to accelerate the development of a better financial system through the proliferation of digital assets and blockchain technology.
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