Barry Silbert’s crypto empire also saw its profits evaporate thanks to the turmoil. The Digital Currency Group (DCG) has reported a loss of $1.1 billion and consolidated revenue of $719 million. The crypto conglomerate boasts an impressive portfolio that includes crypto trading house Genesis and Grayscale Investments, the issuer of the Grayscale Bitcoin Trust (GBTC).
Digital Currency Group holds $5.3 billion in assets
According to a report by CoinDesk, the Digital Currency Group’s losses exceeded a billion dollars in what it described as a “challenging year”. The crypto conglomerate blamed the massive loss on declining crypto prices and the impact of Three Arrows Capital’s collapse on its subsidiary Genesis, which forced the crypto lender to file for Chapter 11 bankruptcy last month.
DCG’s investor report for the fourth quarter of 2022 revealed that the firm held total assets worth $5.3 billion as of 31 December 2022. The firm’s Q4 revenue stood at $143 million, against losses of $24 million. The consolidated balance sheet broke down the firm’s holdings, which included cash and cash equivalents of $262 million, and investment assets like tokens and Grayscale Trust shares totaling $670 million. The rest of the assets represented the assets held by the firms in its portfolio. As for the fair value of the assets, a DCG spokeswoman clarified that they had been marked to market.
