Digital Currency Group

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Digital Currency Group
TypePrivately held company
IndustryAsset management
Founded2015; 6 years ago (2015)
FounderBarry Silbert
HeadquartersNew York City
ProductsInvestment funds
AUM$50 billion (Sept. 2021)[1]
Websitedcg.co

Digital Currency Group (DCG) is a venture capital company focusing on the digital currency market. It is located in New York City.[2]

History[edit]

Digital Currency Group was launched in 2015 by Barry Silbert, who previously was CEO of SecondMarket, Inc.. He began investing in blockchain technology companies in 2013.[3] Shortly after SecondMarket’s sale, Silbert formed Digital Currency Group, with Genesis and Grayscale becoming the first of the company’s subsidiaries.[4]

Subsidiaries[edit]

Grayscale Investments[edit]

Established in 2013, Grayscale Investments is a digital currency asset manager. It offers funds privately for institutional and accredited investors[5] and publicly-traded products.[6] They are the world’s largest asset manager for digital currency[7][8] and in January 2021 Grayscale reported that they were managing $20.2 billion in assets.[9] Grayscale also manages the Grayscale Bitcoin Investment Trust (OTCQXGBTC), which was the first publicly quoted securities solely invested in the price of bitcoin upon its launch in 2013.[3] Four of Grayscale’s funds trade publicly on the OTCQX and the Trust trades under symbol GBTC[10][11] On January 21, 2020, Grayscale Bitcoin Trust became the first digital currency financial product to become a Securities and Exchange Commission reporting company.[12] They were approved for public trading by the Financial Industry Regulatory Authority in 2019.[13]

In 2018, Grayscale launched the Grayscale Digital Large Cap Fund which allows a customer to invest in a group of prominent digital currencies.[14] The fund was approved to trade on public markets by the Financial Industry Regulatory Authority in October 2019.[15]

CoinDesk[edit]

CoinDesk is a global media, research, and events platform that was acquired by Digital Currency Group in 2016.[16] It reports on blockchain’s daily news, provides a Bitcoin Price Index and publishes a quarterly State of Bitcoin report. CoinDesk also hosts a conference on digital currencies and blockchain technologies titled Consensus.[17]

References[edit]

  1. ^ Ehrlich, Steven. "Grayscale Paves The Way For Ethereum Classic, Bitcoin Cash And Litecoin ETFs While The Fate Of Bitcoin's First Lies In The Balance". Forbes. Retrieved 2021-11-13.
  2. ^ Vigna, Paul (2016-04-28). "Bitcoin-Focused Investment Firm Brings On Western Union, Lawrence Summers". Wall Street Journal. ISSN 0099-9660. Archived from the original on 2016-05-05. Retrieved 2016-05-10.
  3. ^ a b Primack, Dan (23 September 2013). "First Bitcoin Investment Fund Launches". Fortune Ledger. Archived from the original on 30 April 2019. Retrieved 29 March 2019.
  4. ^ Tepper, Fitz (27 October 2015). "Barry Silbert Launches Digital Currency Group With Funding From MasterCard, Others". TechCrunch. Archived from the original on 30 April 2019. Retrieved 18 April 2019.
  5. ^ Rooney, Kate (1 November 2018). "Crypto investment firm Grayscale rakes in $330 million this year despite bitcoin bear market". CNBC. Retrieved 30 June 2020.
  6. ^ Salzman, Avi (15 October 2019). "New Cryptocurrency Fund Finds a Side Door Into Your Brokerage Account". Barron's. Retrieved 25 June 2020.
  7. ^ Chavez-Dreyfuss, Gertrude (19 November 2019). "Digital currency asset manager files SEC document for bitcoin fund". Reuters. Retrieved 23 June 2020.
  8. ^ La Monica, Paul R. (January 7, 2021). "Bitcoin tops $40,000 -- just days after passing $30,000". CNN. Retrieved March 5, 2021.
  9. ^ Rooney, Kate (2021-01-14). "Crypto investment firm Grayscale sees 900% jump in assets to $20 billion amid bitcoin frenzy". CNBC. Retrieved 2021-02-02.
  10. ^ Rosenfeld, Everett (2015-04-01). "For bitcoin, 'golden moment' or fool's gold?". CNBC. Archived from the original on 2016-05-12. Retrieved 2016-05-10.
  11. ^ Casey, Michael J. (2015-03-01). "BIT Poised to Become Publicly Traded Bitcoin Fund". Wall Street Journal. ISSN 0099-9660. Archived from the original on 2016-05-24. Retrieved 2016-05-10.
  12. ^ Castillo, Michael del. "20 Institutional Bitcoin Investors Revealed, But Soon The List May Vanish". Forbes. Retrieved 2021-03-18.
  13. ^ Schlegel, Jeff (15 October 2019). "Finra OKs OTC Listing Of Digital Currencies Fund". Financial Advisor. Retrieved 30 June 2020.
  14. ^ Roberts, Daniel (7 February 2018). "Exclusive: Grayscale launches new 'Digital Large Cap Fund' tied to 5 top cryptocurrencies". Yahoo Finance. Retrieved 25 June 2020.
  15. ^ Keeley, Aislinn (14 October 2019). "Grayscale gets FINRA approval for Digital Large Cap Fund". Yahoo Finance. Retrieved 30 June 2020.
  16. ^ Matney, Lucas (13 January 2016). "CoinDesk Gets Acquired By Digital Currency Group". TechCrunch. Archived from the original on 18 May 2016. Retrieved 10 May 2016.
  17. ^ Roberts, Daniel (4 May 2016). "The 5 biggest bitcoin and blockchain announcements at Consensus". Yahoo Finance. Archived from the original on 9 May 2016. Retrieved 10 May 2016.

External links[edit]