Digital Currency Group Achieves $10B Valuation in $700M Secondary Sale

CORRECTION (Nov. 1, 13:05 UTC): Corrects that transaction was a secondary sale of DCG shares, did not raise new funds.

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Digital Currency Group (DCG), the crypto investment company whose holdings include asset manager Grayscale, crypto lender Genesis and independent news outlet CoinDesk, sold $700 million of stock in a private sale led by a pair of SoftBank funds.

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• The sale valued the firm at $10 billion and was led by SoftBank funds Vision Fund 2 and Latin America Fund. GIC Capital, Ribbit Capital and CapitalG, the private equity arm of Google’s holding company, Alphabet, also participated, the Wall Street Journal reported.
• Marcelo Claure, chief executive of SoftBank, described DCG as the “single-best asset that gives us the diversity of exposure to crypto, A-Z.”
• SoftBank’s previous forays into crypto include blockchain analytics firm Elliptic and Block.one’s new subsidiary crypto exchange, Bullish.

Read more: DCG’s $1B Pledge and an SEC Filing Kindle Fresh Speculation on ‘Grayscale Discount’

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