$1.1B Loss: Digital Currency Group Reports for 2022
Digital Currency Group Reports $1.1 Billion Loss for 2022
- Digital Currency Group (DCG) reported a loss of $1.1 billion for the financial year 2022.
- The company had total assets of $5.3 billion as of December 31, 2022, with cash and cash equivalents amounting to just $262 million.
- The losses were mainly due to the crypto market crash and a major default on Genesis, DCG’s lending platform.
Company Overview
Digital Currency Group (DCG) is a US-based crypto company recently in the news for troubles it and some of its subsidiaries have encountered during the crypto winter. It is the parent company of Grayscale Investments, Luno, Foundry Services, Genesis Trading, TradeBlock and CoinDesk. Its consolidated balance sheet showed full year revenue of $719 million for 2022 and losses reaching $24 million in Q4 alone.