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.
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Digital Currency Group Records $210 Million in Q4 2023 Revenue

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