<p>Digital Currency Group (DCG) informed its shareholders that its revenue for the first quarter of 2023 increased by 63% compared to the previous quarter, reaching $180 million. However, this figure is still 46% lower than the revenue recorded in the first quarter of 2022 when Bitcoin traded at around $40,000. The letter to shareholders explained that DCG&#8217;s financial performance so far this year reflects the state of the market.</p>



<h2 id="cfo-michael-kraines-steps-down">CFO Michael Kraines steps down</h2>



<p>DCG also announced the departure of Chief Financial Officer Michael Kraines in April. In the interim, DCG President Mark Murphy and Chief Strategy Officer Simon Koster co-manage the finance department while executive search firm Heidrick &amp; Struggles searches for a suitable replacement. Kraines has been serving as CFO since March 2021.</p>



<h2 id="genesis-bankruptcy-protection-and-dcg-debts">Genesis bankruptcy protection and DCG debts</h2>



<p>The shareholder update follows the bankruptcy protection filing by Genesis, a DCG subsidiary, in January. Although Genesis and DCG had agreed on a deal with creditors, a group of creditors reportedly &#8220;reneged&#8221; on the agreement last week. DCG&#8217;s letter expressed the company&#8217;s commitment to reaching a fair and reasonable agreement for all parties involved and promised to provide updates as the process continues.</p>



<p>During Q1 2023, DCG repaid a $350 million senior secured term loan issued by a lender syndicate led by private equity investment firm Eldridge. DCG has eliminated its third-party debt except for the amounts owed to Genesis. The letter highlights this as a significant milestone, allowing the company to focus on its next growth phase.</p>

Digital Currency Group (DCG) reports mixed Q1 results as CFO resigns

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