DCG raises $700M in secondary funding, hits $10B valuation
Digital Currency Group, the largest cryptocurrency investment company in the United States, reported on the 1st that it sold about $700 million worth of shares to multiple VCs. The deal has taken the company’s valuation to $10 billion.
The secondary round meant that the company did not raise new funds, and instead, the initial investors sold the existing equity to new backers. The round was led by SoftBank’s Vision Fund 2 and Latin America Fund. The company also saw participation from several backers, including Google parent company Alphabet’s Capital G and Ribbit Capital.
DCG has invested in more than 200 crypto-related and blockchain companies and projects, including Coinbase, bitFlyer, Dapper Labs, and DECENTRALAND (MANA). It is the parent company of several well-known companies in the emerging space.
DCG owns the largest crypto investment trust, Grayscale, popular crypto news media Coindesk, prime brokerage and institutional lending firm Genesis, financing and advisory company Foundry, and global digital asset exchange and wallet Luno.
Although the company has reached a valuation of $10 billion, CEO Barry Silbert is not thinking about listing the stock anytime soon. He told CNBC:
“The typical reason companies do go public or rush go public is to address liquidity, or to raise money for acquisitions but we don’t have those pressures. I enjoy building this as a private company.”
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow
