Digital Currency Group Achieves $10B Valuation in $700M Secondary Sale

CORRECTION (Nov. 1, 13:05 UTC): Corrects that transaction was a secondary sale of DCG shares, didn’t increase new funds.

Digital Currency Group (DCG), the crypto funding firm whose holdings embody asset supervisor Grayscale, crypto lender Genesis and unbiased information outlet CoinDesk, offered $700 million of inventory in a personal sale led by a pair of SoftBank funds.

  • The spherical valued the agency at $10 billion and included contributions from GIC Capital, Ribbit Capital and CapitalG, the personal fairness arm of Google’s holding firm, Alphabet, the Wall Street Journal reported.
  • Marcelo Claure, chief govt of SoftBank, described DCG because the “single-best asset that provides us the range of publicity to crypto, A-Z.”
  • As nicely as being the mother or father firm of CoinDesk, DCG counts digital asset administration agency Grayscale and crypto lender Genesis Trading amongst its subsidiaries.
  • SoftBank’s earlier forays into crypto embody blockchain analytics agency Elliptic and Block.one’s new subsidiary crypto alternate, Bullish.

Read extra: DCG’s $1B Pledge and an SEC Filing Kindle Fresh Speculation on ‘Grayscale Discount’

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