CORRECTION (Nov. 1, 13:05 UTC): Corrects that transaction was a secondary sale of DCG shares, did not raise new funds.
Digital Currency Group (DCG), the crypto investment company whose holdings include asset manager Grayscale, crypto lender Genesis and independent news outlet CoinDesk, sold $700 million of stock in a private sale led by a pair of SoftBank funds.
- The sale valued the firm at $10 billion and was led by SoftBank funds Vision Fund 2 and Latin America Fund. GIC Capital, Ribbit Capital and CapitalG, the private equity arm of Google’s holding company, Alphabet, also participated, the Wall Street Journal reported.
- Marcelo Claure, chief executive of SoftBank, described DCG as the “single-best asset that gives us the diversity of exposure to crypto, A-Z.”
CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.