Digital Currency Group announced a $600 million credit facility today.
This comes in the same month as its earlier $700 million equity raise.
Digital assets may be volatile, but institutional money continues to flow into the space.
Share this article
Money continues to flow into the cryptocurrency industry, this time at a particularly deep institutional level.
DCG Raises $600 Million Credit Facility
Digital Currency Group (DCG), the behemoth digital asset conglomerate behind CoinDesk, Grayscale ($50 billion in assets under management), and Foundry (a bitcoin mining leader), announced today that it has raised a new $600 million credit facility.
This should lend some flexibility to DCG, as a credit facility allows firms to generate capital over an extended period of time without having to repeatedly reapply for a loan each time it needs money to fund its various ventures or to execute on its strategy.
On the announcement, DCG Founder and CEO Barry Silbert said,
“The financing strengthens our ability to respond dynamically to opportunities in the market. We’re very pleased to partner with this cohort of high-quality institutional lenders and, as a profitable and rapidly growing company, we are fortunate to be able to access this growth financing with an attractive cost of capital.”
This is the first time DCG has entered into debt capital markets, and it follows a $700 million equity raise at the beginning of November that valued it at $10 billion. That raise was led by SoftBank and included funding from Alphabet Inc. (Google); it represented the second-largest raise in the crypto industry, trailing only FTX’s $900 million raise from July.
DCG was founded in 2015 and now has backed over 200 blockchain-related companies in more than 35 countries, in addition to the prominent companies over which it is the parent company. It is also involved in funding lobbying groups on Capitol Hill for the cryptocurrency industry.
Disclosure: At the time of writing, the author of this piece held BTC, ETH, and several other cryptocurrencies.
Share this article
The information on or accessed through this website is obtained from independent sources we believe to be accurate and reliable, but Decentral Media, Inc. makes no representation or warranty as to the timeliness, completeness, or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not give personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may become outdated, or it may be or become incomplete or inaccurate. We may, but are not obligated to, update any outdated, incomplete, or inaccurate information.
You should never make an investment decision on an ICO, IEO, or other investment based on the information on this website, and you should never interpret or otherwise rely on any of the information on this website as investment advice. We strongly recommend that you consult a licensed investment advisor or other qualified financial professional if you are seeking investment advice on an ICO, IEO, or other investment. We do not accept compensation in any form for analyzing or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sales, securities, or commodities.
See full terms and conditions.
Digital Currency Group Raises $700M at $10B Valuation
Digital Currency Group has raised $700 million at a $10 billion valuation in a Series A funding round led by SoftBank. Digital Currency Group Lands $10 Billion Valuation Digital Currency…
FTX Raises $900 Million and Hits $18 Billion Valuation
FTX, a major cryptocurrency exchange and crypto futures trading platform, has raised $900 million in a new funding round. Funding Round Attracts Top Investors The Series B funding round brought…
MDEX: Overlooked Decentralized Exchange That Pays You to Trade
Based on statistics from DeBank and dapp.com, one of the top-performing decentralized exchanges by TVL and trading volume this year is MDEX—an AMM-based DEX functioning across the Huobi Eco-chain (HECO), Binance Smart Chain…
Horizen Labs Raises $4M In Seed Funding Led by Digital Currency Group
Horizen Labs, a blockchain tech company which builds DLT sidechain solutions, has just announced the completion of its seed funding round. Led by Digital Currency Group (DCG) Liberty City Ventures,…