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DCG's CFO Steps Down as Crypto Conglomerate Repays $350M Loan
The company's revenue increased from the fourth quarter as crypto prices soared.
By Aoyon Ashraf
Updated Jul 31, 2023, 4:24 p.m. Published May 2, 2023, 1:33 p.m.
Crypto conglomerate Digital Currency Group (DCG) said Chief Financial Officer Michael Kraines stepped down in April and revealed that it fully repaid a $350 million senior secured term loan during the first quarter.
Kraines became CFO two years ago. DCG has engaged Heidrick & Struggles for a new CFO search, according to a letter to shareholders, and President Mark Murphy and Chief Strategy Officer Simon Koster will run the finance department in the meantime.
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Also in the letter, DCG, which is CoinDesk's parent company, reported first-quarter revenue of $180 million, up 63% from the fourth quarter as crypto prices soared, though still down from a year earlier. It also reported a $6 million loss last quarter, based on adjusted earnings before interest, taxes, depreciation and amortization (Ebitda).
The company was hit hard by the collapse of the crypto market last year, and its Genesis lending division ended up in bankruptcy court. DCG lost $1.1 billion in 2022 amid citing plunging crypto prices and the restructuring of Genesis.
DCG said that based on its first-quarter performance, it's headed toward 2023 revenue and Ebitda of roughly $620 million and $140 million, respectively – excluding the Genesis business, which remains in Chapter 11.
UPDATE (May 2, 2023 14:14 UTC): Adds financial data.
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