Digital Currency Group (DCG) reported to investors a profit of $180 million in the first quarter of 2023 — up 63% from the prior reporting period. The Block reports by The Block.
However, the company’s revenue fell 43% year on year from Q1 2022, when bitcoin traded around $40,000.
“DCG’s financial results this year so far reflect market conditions,” the company said.
The firm also said that its chief financial officer, Michael Kreins, left his post in April.
DCG President Mark Murphy and Chief Strategy Officer Simon Koster jointly led the finance department, and Heidrick & Struggles is conducting a search for a new chief.
During the first quarter, the group also repaid a $350 million senior secured term loan from a syndicate of lenders led by private investment firm Eldridge.
Formerly bankrupt subsidiaries from the Genesis group, owned by DCG, reached an agreement with major investors under the terms of a restructuring plan. Later, Gemini backed the holding’s bid to pursue a pre-litigation settlement.
In 2022 DCG posted a net loss of $1.1 billion and $262 million in cash and cash equivalents.