Market Analysis Report (28 Feb 2023)

Cryptocurrency conglomerate Digital Currency Group (DCG) disclosed a loss of $1.1 billion in the previous year owing to the drop in crypto prices and the restructuring of its lending platform Genesis.

DCG attributed the results to Bitcoin and crypto asset price drops and the default of Three Arrows Capital on Genesis, according to the investor report for the fourth quarter. According to the report, DCG had a total of $5.3 billion in assets as of December 31, 2022, based on a consolidated balance sheet view.

Cash and cash equivalents amounted to $262 million. Investment assets, such as tokens, Grayscale Trust shares, venture and fund investments, were valued at $670 million. DCG stated that the bulk of the remaining assets were held by Grayscale and Foundry, its subsidiary divisions.

According to a spokesperson for DCG, the valuation of investment assets and the venture portfolio have been marked to market. DCG reported revenues of $143 million in Q4, with losses totaling $24 million. The company’s consolidated revenues for the entire year amounted to $719 million.

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• Source: https://www.cryptocompare.com/email-updates/daily/2023/feb/28/