Google, SoftBank, and GIC Give Digital Currency Group a Major Boost in Valuation

Posted on 11/01/2021

Digital Currency Group Inc. (DCG) is a cryptocurrency conglomerate that owns businesses such as crypto news site CoinDesk, prime brokerage and institutional lending firm Genesis, and asset manager Grayscale Investments. Digital Currency Group raised US$ 700 million in secondary funding at a US$ 10 billion valuation led by SoftBank Group Corporation through SoftBank Vision Fund II and the Latin America Fund. Other investors included in the secondary sale Alphabet’s CapitalG, Ribbit Capital, GIC Private Limited, Tribe Capital, and Emory University. Digital Currency Group Founder Barry Silbert owns nearly 40% of the company and has never sold any shares, which includes the current secondary deal.

“Proud to welcome SoftBank, CapitalG, Ribbit, GIC, Tribe and Emory to an already fantastic list of DCG shareholders. And even more proud of over 1,000 employees of DCG and our wholly-owned subsidiaries that made this happen,” Barry Silbert said in a statement.

Until this moment, Digital Currency Group had only raised US$ 25 million in primary capital since launching six years ago.

Grayscale Investments has circa US$ 50 billion under management. Its flagship Grayscale Bitcoin Trust is the largest bitcoin fund in the world, and recently applied to convert into an ETF. Digital Currency Group holds various digital assets, including Bitcoin.

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