The Digital Currency Group (DCG) has announced its latest secondary share sale, in which it pulled about $700 million in funding. 
The funding round was sparked by a wave of existing investors who sold their shares to the new investors. However, DCG Founder and CEO Barry Silbert confirmed he did not sell any of his shares in the latest round.
Prominent investors include Softbank Group Corp’s Vision 2 Fund, Ribbit Capital, GIC Capital, and Latin American Funds. The secondary share sale was also embraced by Alphabet Inc’s CapitalG, marking a grand first-time investment into the company with a plethora of investment portfolios.
Digital Currency Group operates the Grayscale Investments who administers the Grayscale Bitcoin Trust (GBTC), a $50 billion that the company said it wants to turn into a full-fledged Exchange Traded Fund (ETF) product, subject to regulatory approval. DCG group is known for its investment in more than 200 blockchain and crypto-related firms, putting it at the forefront of fueling innovation in the digital currency ecosystem.
“We’re the best proxy for investing in this industry,” Silbert told CNBC in an interview. “We were looking for the type of backers that could be, and hopefully will be with, with us on this journey for the next couple of decades.”
The latest funding round places the Digital Currency Group at a $10 billion valuation. The company now ranks alongside blockchain payments firm Ripple Labs Inc, Kraken Exchange, and Circle as one of the most profitable private crypto companies in the United States and the world at large.
Investments in cryptocurrency-focused outfits are no longer an uncommon event today. Huge cash from mainstream institutional investors is flowing into the industry as hedge funds and venture capitals seek to gain exposure to the growing crypto ecosystem in the most legal and risk-free manner. Outfits like DCG and FTX remain trusted channels to meet most investors’ goals for venturing into the crypto industry.
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