Digital Currency Group Raises $600M in New Credit Facility
The financing follows a recent $700 million secondary equity transaction that valued the company at $10 billion.
Nov 18, 2021 at 1:49 p.m. UTCUpdated May 11, 2023 at 7:04 p.m. UTC
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Digital Currency Group (DCG), the crypto investment company whose holdings include asset manager Grayscale, crypto lender Genesis and independent news outlet CoinDesk, said it raised $600 million in a new credit facility, marking its first entry into the debt capital markets.
- “This financing strengthens our ability to respond dynamically to opportunities in the market,” said DCG Founder and CEO Barry Silbert in a statement.
- The credit facility’s administrative agent was Eldridge and the syndicate included institutional lenders and funds managed by Capital Group, Davidson Kempner Capital Management and Francisco Partners, among others.
- “We’re very pleased to partner with this cohort of high-quality institutional lenders and, as a profitable and rapidly growing company, we are fortunate to be able to access this growth financing with an attractive cost of capital,” Silbert said.
- The raise comes two weeks after DCG sold $700 million through a secondary stock sale led by a pair of SoftBank funds. The sale valued the company at $10 billion.
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Aoyon Ashraf is managing editor with more than a decade of experience in covering equity markets