DCG sells $700 million in stock deal, nabbing $10 billion valuation

The Block • November 1, 2021, 8:07AM EDT
UPDATED: November 1, 2021, 8:18AM EDT
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Add Digital Currency Group (DCG) to the list of crypto company deca-unicorns. 

The firm, which is the owner of asset management firm Grayscale and trading firm Genesis, has sold $700 million worth of shares in a secondary investment round. Participants in the deal included SoftBank Group, Ribbit Capital, and Capital G. 

None of the capital raised in the deal went to DCG, according to an email sent to The Block by the company. The firm is currently profitable and could generate $1 billion in revenues from its family of companies, which also includes media and news outlet CoinDesk.

As for the deal, it allowed early investors to take some profits from their investment in the company, which has only raised $25 million in primary capital since inception. CEO Barry Silbert, which owns about 40% of DCG, did not sell any stock in the transaction. 

In an interview with the Wall Street Journal, Silbert said the firm has no plans to go public, noting, "It is not only not in the works, it’s not even being discussed."

AUTHOR

Frank Chaparro profile picture Frank Chaparro

Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

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