The Digital Currency Group (DCG) today announced the completion of a debt capital raise, securing a credit facility of up to $600 million. The credit facility, which was led and served as an administrative agent by Eldridge, includes a syndicate of institutional lenders and funds managed by Capital Group, Davidson Kempner Capital Management, and Francisco Partners among others. DCG’s new $1 billion debt offering is it’s first into the debt capital markets. The firm’s previous $700 million secondary equity financing was led by SoftBank Group. The debt financing increases DCG’s strategic, operational, and financial flexibility by lowering the company’s cost of funding and promoting investment portfolio expansion and wholly-owned subsidiaries.
Silbert, a well-known investor, and entrepreneur launched DCG in August 2015 as a global investment firm that has invested in over 200 blockchain startups and is the parent company of several spin-offs that have emerged as digital asset leaders and grown rapidly. Grayscale Investments is the world’s largest digital currency asset manager, with more than $50 billion in assets under management. Genesis is a full-service digital currency prime brokerage and one of the world’s leading institutional trading and lending firms. Luno is a consumer-focused digital asset platform that offers clients in Africa, Asia, and Europe access to education and investment tools.
Foundry is a blockchain infrastructure provider that offers improved capital access, efficiency, and transparency in digital currency mining and staking, as well as hosting the largest Bitcoin mining pool in North America. CoinDesk is a leading financial media, data, index, and event firm, while TradeBlock has developed an institutional trading platform.
Today, DCG and its affiliates are some of the most renowned, creative, and energetic members of the digital currency and blockchain sector. The firm is funded by a number of prominent investors, and its branches employ more than 1,000 people across the world. In preparation for a debt capital raise, Goodwin Procter advised the Digital Currency Group, while Ducera Partners assisted with the financial aspect.
About Digital Currency Group
DCG, a San Francisco-based venture capital firm that was founded in 2015 by Barry Silbert, is the most active investor in the blockchain industry with a goal to speed up the development of a better financial system through the use of digital assets and blockchain technology. Today, DCG is at the heart of the industry, having backed more than 200 blockchain-related firms across 35 countries. DCG invests in digital currencies and other digital assets directly. Genesis (a global prime brokerage), Grayscale Investments (the world’s largest digital currency asset manager), CoinDesk (a prominent financial media, data, and information organization), Foundry (one of the world’s largest bitcoin mining and staking solutions), Luno (a major cryptocurrency platform with a broad international presence), TradeBlock (an institutional trading platform), and are just a few of DCG’s holdings.
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