Share this article
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.
By Aoyon Ashraf
Updated May 11, 2023, 7:04 p.m. Published Nov 18, 2021, 1:49 p.m.
Make us preferred on Google
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.
More For You
UK crypto rules too slow to support global hub ambitions, says Agant CEO
Regulatory delays risk blunting Britain’s digital asset push, said Andrew MacKenzie, head of the pound-pegged stablecoin developer.
What to know:
- Andrew MacKenzie, CEO of sterling stablecoin developer Agant, says the U.K.’s slow rollout of crypto and stablecoin rules undermines its ambition to be a global digital asset hub.
- Agant’s FCA registration marks a regulatory milestone and positions its planned GBPA token as institutional infrastructure for payments, settlement and tokenized assets rather than a retail product.
- MacKenzie said well-designed stablecoins can extend monetary sovereignty and spur competition in financial services.
- U.K. banks are elevating blockchain to a C-suite priority amid what they see as a decades-long transition.
Top Stories
