{"id":143391,"date":"2021-11-01T16:27:09","date_gmt":"2021-11-01T16:27:09","guid":{"rendered":"https:\/\/precoinnews.com\/?p=143391"},"modified":"2021-11-01T16:27:09","modified_gmt":"2021-11-01T16:27:09","slug":"digital-currency-group-sells-700m-of-shares-for-investors-to-take-profits","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/digital-currency-group-sells-700m-of-shares-for-investors-to-take-profits\/","title":{"rendered":"Digital Currency Group sells $700M of shares for investors to take profits"},"content":{"rendered":"<p>Digital Currency Group (DCG), one of the largest companies in the cryptocurrency industry, has completed a major secondary investment round led by Japanese financial giant SoftBank.<\/p>\n<p>DCG has sold $700 million worth of shares to companies like Google\u2019s parent company, Alphabet, to bring its valuation to more than $10 billion, the company officially announced Monday.<\/p>\n<p>\u201cProud 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,\u201d DCG CEO and founder Barry Silbert said.<\/p>\n<p>In a Wall Street Journal interview, Silbert emphasized that the investment wasn\u2019t about raising capital for DCG but rather an \u201copportunity for some for some early investors to exit and take profits.\u201d All the raised money went to the selling shareholders, and none of them sold their entire stake, the company said. Silbert, who owns about 40% in the firm, said that he didn\u2019t sell any stock in the latest round.<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>Biggest Bitcoin fund in the world could become ETF by July as GBTC nears $40B AUM<\/em><\/strong><\/p>\n<p>Silbert\u00a0noted that the company hasn&#8217;t ruled out a potential initial public offering, but it\u2019s \u201cnot in the plans and not being discussed right now.\u201d DCG has been profitable and is on track to top $1 billion in revenue for the year, the CEO said.<\/p>\n<p>DCG is a major crypto industry company, known for operating Grayscale Investments, the world\u2019s biggest digital asset manager with $50 billion under management. In mid-October, Silbert hinted that the company is making plans to convert its Bitcoin Trust into a spot-settled Bitcoin exchange-traded fund.<\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/digital-currency-group-sells-700m-of-shares-for-investors-to-take-profits\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Digital Currency Group (DCG), one of the<\/p>\n","protected":false},"author":3,"featured_media":143390,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Digital Currency Group sells $700M of shares for investors to take profits - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/crypto\/digital-currency-group-sells-700m-of-shares-for-investors-to-take-profits\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Digital Currency Group sells $700M of shares for investors to take profits - 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