Crypto conglomerate Digital Currency Group valued at $10 billion

·1 min read

Digital Currency Group, a crypto conglomerate whose holdings include media site CoinDesk and asset manager Grayscale, raised $700 million in secondary funding at a $10 billion valuation led by SoftBank.

Why it matters: DCG is unlike anything else in crypto; an operating and investment firm with exposure to almost every part of the industry. It also differs from its unicorn peers in that it plans to remain private indefinitely.

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Other investors include CapitalG, Ribbit Capital, GIC, Tribe Capital and Emory University.

Emory? It's the alma matter of DCG founder and CEO Barry Silbert, who owns nearly 40% of the firm and has never sold any shares (including via today's secondary deal).

The bottom line: "Crypto companies ... raised $7.5 billion in the third quarter, according to data from research firm PitchBook, including FTX's $900 million round, the largest on record. That was more than the previous record of $7 billion set in the first quarter and more than the $5.3 billion raised in all of 2020." — Paul Vigna, WSJ

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