Sign up to receive 5 free days of our daily summary for tech news.

Read this article for free.

Already a subscriber? Log in here

Crypto

One Investor’s Outsize Role in the Crypto Market

In 2013, Barry Silbert asked the board of directors at SecondMarket, a startup he founded that connected buyers and sellers of private company stock, to let him spend $3 million of the company’s cash on buying bitcoin. It had almost nothing to do with the company’s business, and not all of the board was enthusiastic. “I thought it was absolutely crazy. We argued about it,” said Lawrence Lenihan, one of the board members at the time.

Mr. Silbert persuaded them to take the plunge. That investment—worth about $200 million today—was the seed that became Digital Currency Group, a tiny spinout that has quietly become a central hub of the cryptocurrency world. A hybrid of holding company and investment firm in the mold of Berkshire Hathaway, DCG today owns stock in more cryptocurrency companies than any other investor. The New York-based company also holds hundreds of millions of dollars in digital currencies and owns influential crypto-related businesses including CoinDesk, the popular cryptocurrency trade publication and events business, and Grayscale, one of the largest managers of cryptocurrency investment funds.

What Is The Information?

Notes bb3aa5069205d702dda37fc71dc6f1c59df2310c4379304e9f1199f052af4884

Exclusive Articles

We broke it first. Receive original reporting, stories, and exclusives you won't read anywhere else from the largest newsroom in tech.

Notebook b5103017ee163370a1667c9ce59ab0ef023875a17888105d26c185cadf31bb69

Daily news analysis

Every weeknight, we'll send you our reporters’ views on the day’s top tech news—distilled into one email.

Conference calls c9e664e8b96ee347d3e92b8309938f268422b9db98cfabca5c826fbb75054b23

Conference calls

Go deep into areas like crypto and VC diversity—or get real-time analysis of breaking news—via conference calls with our reporters and other experts.

Events 499acedd16cffc41445edd76bfd302b2836c2a27419890f17130a6b10e2aa3df

Special Events

For no extra fee, subscribers get access to dozens of events a year, from intimate dinners to larger gatherings with marquee speakers.

Access the best reporting on the tech industry read by tens of thousands of global executives.

Become a contributor

Share your views and find other subscribers by completing your profile. You’ll be listed in our contributor directory.

Org Charts

Access the only collection of tech company org charts. Our expanding database includes companies like Amazon, Snap, and Uber.

Slack community

Discuss topics and current events with our subscriber-only Slack group and share news about your company with other subscribers.

Share with your team

Subscribers can unlock any article and share it with friends and co-workers through a special share link.

Stay up to date on Silicon Valley

Sign up for Jessica Lessin’s (The Information’s CEO & Founder) free Saturday newsletter and also receive a complimentary week of our daily afternoon tech commentary email.

Already a subscriber? Log in here

Recent Articles

Crypto

Tetras, Circle Executives Discuss State of Crypto Market

By The Information Staff

Crypto

Red-Hot Crypto Market Fuels Coinbase Growth

By Sarah Kuranda and Mike Sullivan

Crypto

Meet the San Diego Bank That Handles Most of the Cryptocurrency Industry

By Alfred Lee