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Digital Currency Group (DCG) has announced a substantial increase in its fourth-quarter revenue for 2023, reaching $210 million, marking a remarkable 59% rise compared to the same period the previous year.
Grayscale’s Parent Company DCG, Announces Increase in Q4
In a recent communication addressed to shareholders, DCG highlighted the impressive growth in revenue during the final quarter of 2023, attributing much of it to the surge in asset prices, particularly for bitcoin. The company, which boasts ownership of Grayscale Investments among its subsidiaries, also revealed a significant uptick in its fourth-quarter EBITDA, soaring to $99 million from a negative $7 million in the corresponding period of 2022.
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“For the fiscal year 2023, DCG’s consolidated revenues amounted to $749 million, accompanied by an EBITDA of $275 million,” the letter to shareholders further outlined. “As of December 31, 2023, DCG’s investment portfolio, inclusive of tokens, Grayscale trust shares, venture/fund investments, and public equities, was valued at approximately $975 million.”
Despite a reduction in assets under management following the conversion of Grayscale’s spot Bitcoin ETF, the fund remains the largest of its kind and commands over a third of daily spot Bitcoin ETF trading volumes, according to data from Yahoo Finance.