Digital Currency Group Reports 59% Increase in Q4 2023 Revenue
Digital Currency Group (DCG), the parent company of Grayscale, announced a significant increase in revenue during the fourth quarter (Q4) of 2023. The company reported $210 million in revenue, a 59% increase compared to the same period in the previous year. The rise in asset prices, particularly for Bitcoin, was attributed to the increase in revenue. DCG also reported a positive EBITDA of $99 million for Q4, compared to a negative value of $7 million in the same period of 2022. For the fiscal year 2023, DCG’s consolidated revenues reached $749 million, with an EBITDA of $275 million. The company’s investment portfolio reached approximately $975 million.
Investigation Reveals Alleged $3 Billion Fraud by Digital Currency Group
An investigation led by the Attorney General of New York, Letitia James, has revealed an alleged fraud worth over $3 billion by Digital Currency Group (DCG). The investigation focused on the lending program Gemini Earn and initially estimated losses for investors participating in the program. However, it has now expanded to include losses incurred by other investors who contributed to DCG’s affiliate, Genesis. The fraud involves over 230,000 investors. DCG has denied the accusations and stated that it will be fully vindicated.
DCG and Grayscale Oppose Genesis’ Asset Sale Decision
DCG and Grayscale have expressed their opposition to Genesis’ decision to sell its assets. This includes Bitcoin Trust, Grayscale Ethereum Trust (ETHE), and Grayscale Ethereum Classic Trust (ETCG) with a total value of about $1.6 billion. Grayscale argued that complying with Genesis’ request could jeopardize compliance with federal securities laws and requested the court to reject the part of the motion that limits its consent rights. DCG contested Genesis’ reasons for selling the assets and advised delaying the sale until the conclusion of the hearing. They also suggested appointing a specialized intermediary for asset management.
By
By
By
By
By