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- Digital Currency Group has completed its latest major secondary funding round
- DCG has sold $700 million worth of its shares in the recent capital raising round
- Digital Currency Group seeks to provide an opportunity for some of the early investors to take profits and exit
- After the secondary funding round, DCG has been valued at more than $10 billion
Digital Currency Group is one of the biggest start-ups in the cryptosphere. The firm focuses on cryptocurrencies and protocol investing to support the development of digital ledger technology. Grayscale, one of the largest Bitcoin trusts globally and Coindesk, one of the leading cryptocurrency and blockchain news media outlets, are also under DCG. NOtably, besides its subsidiaries, the firm has also invested in more than 200 blockchain and crypto firms globally. However, recently the firm has finished its major secondary capital raising round, which was led by SoftBank, a Japanese financial giant.
Digital Currency Group value more than $10 billion
In the latest fundraising round, led by SoftBank, Digital Currency Group has sold $700 million worth of its shares. It is noteworthy that the firm has sold its shares to companies like Google’s parent firm, Alphabet. However, it is revealed that after the secondary funding round, DCG has been valued at more than $10 billion, as announced by the firm officially on Monday. Indeed, the funding round aims to allow investors to take a profit.
Gary Silbert does not sell any of its stock
Following the scenario, Garry Silbert, the Chief Executive Officer and founder of the firm, underscored that the investment was not about raising capital. Rather, he emphasized that the Digital Currency Group seeks to provide an opportunity for some of the early investors to take profits and exit. Hence, all the raised funds went to the selling shareholders. Notably, none of the holders have sold their entire stake as observed by the firm. Moreover, CEO Silbert, who owns approximately 40% of the firm’s share, has revealed that he does not sell any of its stock in the latest funding round.
DCG has not ruled out a potential IPO
After the capital raising round binded up, Gary Silbert observed that Digital Currency Group has not ruled out a potential initial public offering. However, such a measure is also not in the plans, and has not been discussed. Still, Silbert highlighted that their firm has remained profitable and is on track to top $1 billion in revenue for the year.
Besides SoftBank, investors like CapitalG, Ribbit, GIC, Tribe, and Emory have also participated in the firm’s capital raising round. Hence, these firms are now in the incredible list of DCG shareholders. According to Silbert, the firm is more proud of its employees and their wholly owned subsidiaries, as that made it all happen.
