DCG Revenue Up 51%, Driven By Higher Crypto Prices

Digital Currency Group, the crypto group founded by Barry Silbert, reported first quarter revenue of $229 million, up 51% from a year ago, driven by higher crypto prices.

According to an investor letter, Grayscale, DCG’s largest subsidiary, generated $156 million in revenue, flat from a quarter ago. Higher bitcoin prices offset the impact of a fee cut and outflows from the asset manager’s bitcoin exchange-traded fund in the first quarter. Foundry, its crypto-mining subsidiary, reported revenue rose 35% to $51 million from a quarter ago.

The results exclude the performance of Genesis, its bankrupt crypto lender. DCG and Silbert will continue to fight a lawsuit by New York Attorney General Letitia James over a failed lending program in partnership with Gemini, the letter said.