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

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Digital Currency Group (DCG), one of the largest companies in the cryptocurrency industry, has completed a major round of secondary investments led by Japanese financial giant SoftBank.

DCG has sold over $ 700 million worth of shares to companies like Alphabet, Google’s parent company, for over $ 10 billion, the company officially announced on Monday.

“We are delighted to welcome SoftBank, CapitalG, Ribbit, GIC, Tribe and Emory to DCG’s already impressive shareholder list. DCG CEO and Founder Barry Silbert said he is even more proud of the over 1,000 DCG employees and our wholly owned subsidiaries who have achieved this.

In an interview with the Wall Street Journal, Silbert emphasized that the investment was not aimed at raising DCG’s capital, but rather “an opportunity for some early investors to get out and make a profit.” The company said that all the money raised went to the selling shareholders, and none of them sold the entire stake. Silbert, who owns about 40% of the company, said he did not sell any shares in the last round.

On the subject: The world’s largest bitcoin ETF could be by July when GBTC approaches $ 40 billion.

Silbert noted that the company does not exclude the possibility of an IPO, but this “is not included in the plans and is not currently being discussed.” The CEO said DCG has been profitable and is approaching $ 1 billion in revenue for the year.

DCG is a large company in the crypto industry known for running Grayscale Investments, the world’s largest digital asset manager with $ 50 billion under management. In mid-October, Silbert announced that the company plans to transform the Bitcoin Trust into a fund traded on the Bitcoin exchange.

Source: CoinTelegraph

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