- This follows from the quarterly report of the company
- At the end of the year, they have only $262 million in cash assets left.
- As well as assets in tokens, Grayscale shares and venture investments
Crypto giant Digital Currency Group (DCG) made public quarterly report for investors. They called the past year “difficult” and reported losses of $1.1 billion. The reasons for the losses were the fall in the crypto market and the restructuring of their subsidiary Genesis.
- At the end of 2022, DCG’s consolidated balance sheet in various assets was $5.3 billion.
- Of this amount, cash and cash equivalents account for only $262 million.
- They estimate the value of investment assets at $670 million. This includes their shares in Grayscale, tokens, venture capital and stock investments.
- The rest of the assets are owned by the Grayscale and Foundry divisions.
- In Q4, DCG recorded $143 million in revenue and $24 million in losses.
- And the total annual revenue was $719 million.
- The conglomerate estimates its capital in shares at $2.2 billion. The cost of one paper is $27.93. They added that the drop in shares is in line with the overall decline in the crypto market over the same period (75-85%).
Despite the losses, DCG is positive about its work. They noted that they had reached a “major milestone” in the reorganization of Genesis, having agreed with investors on key issues.
At the moment, DCG is selling shares of Grayscale and crypto funds to pay off debts. They even had to use Grayscale shares, which are now trading at a discount.