Crypto Pro Network

Latest Crypto News and Updates

Digital Currency Group sells $700M of shares for investors to take profits

The digital currency group, which includes Bitcoin’s biggest exchange Coinbase, sold $700 million worth of shares (3.5% stake) to investors at a 25% discount this week in order to take profits resulting from their recent run-up in valuation.

The “digital currency group ipo” is a company that has been in the cryptocurrency market for quite some time. They have recently sold shares to investors at $700M.


One of the leading businesses in the cryptocurrency market, Digital Currency Group (DCG), has concluded a substantial secondary funding round funded by Japanese financial behemoth SoftBank.

DCG has sold $700 million in shares to Alphabet, the parent company of Google, to raise its value to more than $10 billion, the firm revealed Monday.

“I’m thrilled to add SoftBank, CapitalG, Ribbit, GIC, Tribe, and Emory to the already impressive group of DCG shareholders. And I’m even more proud of the approximately 1,000 DCG employees and wholly-owned subsidiaries that helped make it happen,” stated DCG CEO and founder Barry Silbert.

Silbert stressed in a Wall Street Journal interview that the investment was not intended to raise funds for DCG, but rather to provide a “opportunity for certain early investors to depart and take gains.” According to the corporation, all of the money collected went to the selling stockholders, and none of them sold their whole ownership. Silbert, who owns approximately 40% of the company, claimed he didn’t sell any shares in the most recent round.

As GBTC approaches $40 billion in assets under management, it may become an ETF by July.

The business hasn’t ruled out an initial public offering, according to Silbert, but it’s “not in the plans and not being addressed right now.” According to the CEO, LDCG has been profitable and is on course to surpass $1 billion in sales this year.

Grayscale Investments, the world’s largest digital asset manager with $50 billion under management, is owned by DCG, a prominent crypto sector business. Silbert intimated in mid-October that the business is considering converting its Bitcoin Trust into a spot-settled Bitcoin exchange-traded fund.

The “digital currency” is a term that refers to a digital medium of exchange, which uses cryptography to secure its transactions. The first ever digital currency was Bitcoin, and the most popular one today is Ethereum.

Related Tags

  • digital currency group stock price
  • barry silbert net worth
  • how to take profits in crypto
  • is crypto the future