<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

Table of Contents

Cryptopolitan_News

Outros artigos publicados em 2 de mai. de 2023

Digital Asset ETFs Record Second Consecutive Week of Net Outflows

Coinbase Launches Perpetual Derivates Exchange in Bermuda

4 AI Altcoins Gems to Make New Millionaires

Top Cryptocurrencies to buy in May 2023

Coinbase Sued for Unlawful Biometric Data Collection

Level Finance Suffers $1 Million Loss in a Security Breach; LVL Token Plummets by 15.51%

Join our free newsletter for daily crypto updates!