Gemini

Million

when

<ul>
 <li>Approx one year ago, Genesis, a lending affiliate of DCG, sought bankruptcy protection.</li>
 <li>The parent business of Grayscale attributed the increase in revenue to rising asset values.</li>
</ul>
The company’s revenue reached $210M in the Q4 of 2023, a 59% rise in comparison to the same time the previous year, Digital Currency Group (<a href="https://thenewscrypto.com/dcg-and-genesis-agree-on-preliminary-settlement-for-creditor-claims/" target="_blank" rel="noopener noreferrer nofollow">DCG</a>) said Monday in a letter to shareholders.
The parent business of <a href="https://www.grayscale.com/" target="_blank" rel="noopener noreferrer nofollow">Grayscale Investments</a> attributed the increase in revenue on rising asset values, especially bitcoin. In comparison to the same time in 2022, when <a href="https://www.investopedia.com/terms/e/ebitda.asp#:~:text=EBITDA%2C%20or%20earnings%20before%20interest,generated%20by%20the%20company's%20operations." target="_blank" rel="noopener noreferrer nofollow">EBITDA</a> was minus $7 million, DCG’s fourth-quarter number jumped to $99 million.
The company mentioned in the letter:
<blockquote class="wp-block-quote">
 “For the 2023 fiscal year, DCG’s consolidated revenues were $749 million with EBITDA of $275 million.” As of December 31, 2023, DCG’s investment portfolio (including tokens, Grayscale trust shares, venture / fund investments, and public equities) was marked at [about] $975 million.”
</blockquote>
<h3 class="wp-block-heading" id="h-ongoing-litigation">Ongoing Litigation</h3>
Despite losing billions of dollars in AUM, Grayscale’s recently converted spot bitcoin ETF is still the biggest of its kind and processes over a third of the daily spot bitcoin ETF trading volumes, as shown by statistics.
Approximately one year ago, Genesis Global Holdco, a lending affiliate of DCG, sought bankruptcy protection. The New York Attorney General has accused DCG, Genesis, and another firm, Gemini, of defrauding over 230,000 investors of over $3 billion. The case in which the corporation is embroiled is ongoing.
A DCG spokesperson stated last week:
<blockquote class="wp-block-quote">
 “There is nothing new here. This is the same baseless complaint recirculated to generate another round of press headlines.”
</blockquote>
Recent settlement negotiations between <a href="https://thenewscrypto.com/genesis-seeks-court-approval-for-sales-of-1-4b-worth-gbtc-shares/" target="_blank" rel="noopener noreferrer nofollow">Genesis</a> and the Securities and Exchange Commission resulted in a $21 million payment. In an unauthorized securities offering, the Gemini Earn program managed to garner “billions of dollars'” worth of cryptocurrency from thousands of investors, according to the SEC.
Highlighted Crypto News Today:
<a href="https://thenewscrypto.com/cardano-fund-inflows-explode-1016-as-ada-eyes-crucial-breakout/" target="_blank" rel="noopener noreferrer nofollow">Cardano Fund Inflows Explode 1,016% As ADA Eyes Crucial Breakout</a>

Digital Currency Group Records $210 Million in Q4 2023 Revenue

Table of Contents

TheNewsCrypto

Other articles published on Feb 13, 2024

Jito Foundation Distributes 12M JTO Tokens for Governance

Ethereum Whale Goes All in on ETH in Brave Move as Price Skyrockets

Yuga Labs Faces Backlash After Free Otherside Giveaway Mint Incurs High Gas Fees

Blast Network Hits $1.67 Billion Benchmark in Asset Holdings

XRP Price Analysis: Can XRP Shake Off its 90-Day Slump? Debate Heats Up

Ripple acquires Standard Custody & Trust, its second custody provider

Join our free newsletter for daily crypto updates!