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Digital Currency Group Reports $1.1 Billion Loss in 2022

Digital Currency Group Reports .1 Billion Loss in 2022

  • Cryptocurrency group Digital Currency Group (DCG) has posted a $1.1 billion loss for 2022.
  • The company’s fourth-quarter investor report blamed the huge loss on falling cryptocurrency prices and the bankruptcy of Genesis.
  • As of December 31, 2022, DCG held $5.3 billion, with full-year consolidated revenue of $719 million.

2022 saw a series of scandals and bankruptcies that unnerved the cryptocurrency industry. Events over the past year have dented investor confidence and reignited a regulatory crackdown on crypto firms by U.S. federal and state agencies. The turmoil in the crypto market has taken a toll on the profits of companies operating in the crypto space.

Barry Silbert’s cryptocurrency empire has also seen its profits evaporate due to the turmoil. Digital Currency Group (DCG) reported a loss of $1.1 billion on consolidated income of $719 million. The cryptocurrency group has an impressive portfolio that includes cryptocurrency trading firm 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 Currency Taiwan

, the digital currency group lost more than $1 billion in what it called a “challenging year.”The cryptocurrency group blamed the huge loss on falling cryptocurrency prices and the impact of the collapse of Three Arrows Capital on its subsidiary Genesiswhich forced the cryptocurrency lender to file for Chapter 11 bankruptcy protection last month.

DCG’s Q4 2022 Investor Presentation shows that as of December 31, 2022, the firm’s total holdings were worth $5.3 billion. The company posted a loss of $24 million on revenue of $143 million in the fourth quarter. The consolidated balance sheet breaks down the company’s holdings, which include $262 million in cash and cash equivalents, and a total of $670 million in investment assets such as tokens and Grayscale Trust stock. The remaining assets represent what the company holds in its portfolio. As for the fair value of the assets, a DCG spokeswoman clarified that they have been marked to market.

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