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Digital Currency Group (DCG), the parent company of Grayscale Investments, reported a 59% surge in revenue in the fourth quarter of 2023.&nbsp; 
According to <a href="https://www.bloomberg.com/news/articles/2024-02-12/gbtc-parent-digital-currency-group-posts-59-climb-in-fourth-quarter-revenue" target="_blank" rel="noopener">Bloomberg’s</a> reports, the company sent a letter to its stakeholders today, highlighting that its revenue escalated to $210 million during the quarter, up from $132 million in the same period the previous year. The firm’s EBITDA reached $99 million, reflecting a profit increase. 
The financial performance of DCG is closely tied to the broader cryptocurrency market trends, which have seen substantial growth, more than doubling since the beginning of last year.&nbsp; 
Bitcoin has particularly benefited from introducing the first U.S.-based ETFs, marking a significant milestone after prolonged industry efforts to navigate the regulatory skepticism. DCG’s subsidiary, Grayscale Investments, operates the largest <a href="https://crypto.news/bitcoin-etfs-flows-could-bring-btc-to-112k-price-cryptoquant-suggests/">Bitcoin ETF</a> in the market.&nbsp; 
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Bitcoin ETFs collectively drew in more than $9 billion in investor funds in the first month of trading. Since transitioning into an ETF, Grayscale’s Bitcoin Trust saw a $6 billion outflow. However, the rate of these withdrawals has slowed down over the past few weeks.&nbsp; 
DCG’s positive financial performance might be a relief for investors and shareholders, as the firm has been facing major challenges on the legal front, with ongoing lawsuits against bankrupt crypto lending division Genesis.&nbsp; 
Although Genesis Global settled with New York last week, the state revised its <a href="https://crypto.news/new-york-ag-lawsuit-dcg-3-billion-genesis-settlement/">lawsuit</a> against DCG and escalated the demands to $3 billion. 
The lawsuit was filed last year, alleging DCG and its subsidiary Genesis misled over 230,000 customers and investors regarding its potential exposure to <a href="https://crypto.news/ftx-saga-what-happened-to-ftx/">FTX and Alameda Research</a>. New York’s Attorney General Letitia James initially demanded $1.1 billion compensation for the customers, later revising it to $3 billion, as new reports suggest the scale of the alleged fraud was much larger. 
 Read more: <a href="https://crypto.news/ethereum-nft-volume-approaches-yearly-high-following-gas-price-surge/"> Ethereum NFT volume approaches yearly high, following gas price surge </a>

Digital Currency Group records 59% rise in revenues despite legal troubles

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