Digital Currency Group is planning to launch a new wealth management subsidiary
Quick Take
- DCG has a new wealth management business in the works, according to two sources familiar with the plan.
- It would join the firm’s asset management business Grayscale as a part of DCG’s family of companies.
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Digital Currency Group — the investment firm and cryptocurrency conglomerate — is preparing to launch a new subsidiary focused on wealth management, according to two sources familiar its plans.
DCG, which is among the longest-running investors in the industry, already owns an asset management firm, Grayscale, as well as a trading business, Genesis Global Trading. The addition of a wealth management business — which is said to be named HQ — would complement its existing family of companies, according to one of the sources. As of the time of this writing, Grayscale has over $16 billion in assets under management.
The new entity will be able to serve as a conduit for Grayscale's investment products, offering clients advice on where to invest. It could also help clients leverage their holdings via Genesis or stake their assets through Foundry, a DCG subsidiary dedicated to mining and staking.
The new business's products, like Grayscale's, will be offered to both retail and institutional clients.
Leading the new initiative is Alana Aldag Ackerson, a veteran of the blockchain and fintech space. Ackerson, who has updated her LinkedIn profile to "CEO of New Subsidiary at DCG," declined to comment for this story.
Ackerson is probably best known for being a co-founder of Figure, the blockchain-focused fintech firm led by SoFi's former CEO Mike Cagney. Prior to starting Figure, Ackerson held senior roles at SoFi, including vice president of asset management.
"Alana built Figure Technologies and Provenance Blockchain to put the power of blockchain to practice through products that bring unprecedented speed and ease to financial services and to revolutionize the way assets are issued, traded and accessed globally," her LinkedIn reads.
A spokesperson for DCG declined to comment.
2020 has been a big year for Grayscale, which benefited from an influx of traditional asset managers into the digital asset market.
Recent data suggests the company's bitcoin holdings for its Grayscale Bitcoin Trust now stands beyond 536,000 BTC, which is worth approximately $12.3 billion at current prices.
That has made the company a lot of money. According to The Block Research, last month Grayscale brought in more than $17.6 million in revenues from its GBTC and ETHE investment products — the largest sum it has ever generated.
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