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.

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.

The sale valued the firm at $10 billion and included contributions from GIC Capital, Ribbit Capital and CapitalG, the private equity arm of Google’s holding company, Alphabet, 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.”As well as being the parent company of CoinDesk, DCG counts digital asset management firm Grayscale and crypto lender Genesis Trading among its subsidiaries.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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