Digital Currency Group (DCG) is a U.S.-based conglomerate of 7 cryptocurrency-focused companies, including:

  • Genesis Trading – the world’s largest digital asset servicing institutional investors
  • Grayscale – the world’s largest digital asset manager
  • Coindesk – online publisher and platform for crypto media, news, events, and data
  • Foundry – operates the 2nd largest bitcoin mining pool in the world, offers a marketplace for buying and selling mining equipment in bulk, and provides logistical, financial, and educational support to crypto mining businesses
  • Luno – a crypto exchange and platform offering news, analysis, and education
  • TradeBlock – provides institutional tools and analytics
  • HQ – a digital currency job board

DCG’s mission is to incubate, acquire and operate businesses that provide financial and professional services to financial institutions, corporations, and startups.

DCG has invested in 200 crypto companies, including Acala Network, BitGo, BitPay, Blockchain, Blockstream, Chainalysis, Circle, Coinbase, Decentraland, Etherscan, eToro, Fireblocks, Foundry, FTX, Kraken, Ledger, Livepeer, Nomics, Paradigm, Ripple, ShapeShift, Silvergate, The Graph, Xapo, and Zcash.

DCG reached a valuation of US $10b in 2021 after a US $700m investment led by Softbank Group Corp.

3AC Loan, FTX Collapse, and  Genesis Trading Bankruptcy 

In late 2022, due to the collapse of FTX and a bad loan to bankrupted hedge fund Three Arrows Capital amounting to $2.4 billion, Genesis Trading took the extraordinary measure of stopping customer withdrawals in an effort to stave off a bank run on its cash reserves.

As a result of this measure and the weak cryptocurrency market landscape of the last year, Genesis failed to return $3.5b to over 100,000 of its customers.  In January of 2023, Genesis filed for bankruptcy protection in an effort to get its finances in order.  Gemini Trust Company, which operates the Gemini crypto exchange and is one of Genesis Trading’s largest customers, is still owed nearly $800m as of January 2023.

As of January 2023, Coindesk is potentially seeking new ownership and Luno cut 35% of its workforce.

To view DCG’s portfolio of companies, go here.