Digital Currency Group valued at $10 billion after private sale of existing shareholders’ stock worth $700 million

Digital Currency Group (DCG), led by Barry Silbert, was valued at $10 billion following a private sale of existing shareholders’ securities totaling $700 million.

Proud to welcome SoftBank, CapitalG, Ribbit, GIC, Tribe and Emory to an already fantastic list of DCG shareholders

And even more proud of the ~1,000 employees of @DCGco and our wholly-owned subsidiaries that made this happenhttps://t.co/uajWlKXV4D

— Barry Silbert (@BarrySilbert) November 1, 2021

The round included CapitalG (the Alphabet Inc.-backed investment arm), SoftBank’s Vision Fund 2 and Latin America Fund, and Ribbit Capital.

According to the WSJ, SoftBank’s chief Marcelo Claure described DCG as “the single best asset that gives us a wide range of opportunities to work with cryptocurrencies”.

“The typical reason why companies go public or rush to become public is to solve a liquidity problem or raise money for acquisitions, but we don’t have such pressure,” he noted.

Silbert, who owns about 40% of DCG, did not participate in the stock sale.

HODL https://t.co/WmuQJ3XXGQ

— Barry Silbert (@BarrySilbert) November 1, 2021

The Block citing DCG clarified that the deal allowed early investors to “take some profit on their investment in the company”.

The group includes the asset-management company Grayscale Investments, the prime broker Genesis, the CoinDesk publication, acquired in September 2020 the cryptocurrency exchange Luno and the mining company Foundry.

In September, SoftBank through Vision Fund 2 backed the blockchain company Blockdaemon in a fundraising round of $155 million.

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