DCG sells $700 million in stock deal, nabbing $10 billion valuation
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 sale. Participants in the deal included SoftBank Group, Ribbit Capital, and Capital G.
None of the capital in the deal went to DCG, according to a source. The company is currently profitable and could generate $1 billion in revenues from its family of companies. The deal allowed early investors to take some profits from the company, which has had only $25 million in primary capital since inception.
CEO Barry Silbert, which owns about 40% of the firm, has never sold any stock in the firm.
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."Source