Digital Foreign money Group experiences $1.1 billion loss in 2022


  • Digital Foreign money Group has reported a lack of $1.1 billion in 2022, in keeping with the corporate’s fourth quarter.
  • Money and money equivalents had been solely $262 million as of December 31, 2022, whereas Grayscale’s father or mother firm had $670 million in invested belongings.
  • Full-year 2022 revenues had been $719 million, in comparison with $124 million within the fourth quarter, in keeping with the consolidated stability sheet.

Digital Foreign money Group (DCG), a U.S.-based cryptocurrency firm, has lately been within the information about issues going through the corporate and a few of its subsidiaries following a cryptocurrency winter. It reported a lack of $1.1 billion for the fiscal yr.

crypto publication CoinDesk reported on Monday.

DCG: Market crash and 3AC default impression stability sheet

A part of the hit to earnings is as a result of crypto market crash, in keeping with particulars within the firm’s fourth quarter report. In addition to the Bitcoin value crash, DCG’s stability sheet was additionally affected by a significant default on its lending platform, Genesis.

Specifically, the corporate was hit laborious by the collapse of cryptocurrency hedge fund Three Arrows Capital (3AC), particulars the quarterly report. Genesis filed for chapter in January of this yr.

DCG reportedly had complete belongings of $5.3 billion and money and money equivalents totaling $262 million as of December 31, 2022. Nonetheless, the consolidated stability sheet additionally exhibits simply $670 million in invested belongings, together with token holdings, enterprise investments and Grayscale Belief shares.

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Within the fourth quarter, the enterprise capital agency reported revenues of simply $143 million, however losses amounted to $24 million. His 2022 consolidated income for DCG was $719 million.

Digital Foreign money Group is the father or mother firm of Grayscale Investments, Luno, Foundry Companies, Genesis Buying and selling, TradeBlock, and CoinDesk.


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