DCG reported loss of $1.1 billion in 2022, CoinDesk says

Quick Take

  • Digital Currency Group saw a loss of $1.1 billion loss last year, CoinDesk reported. 
  • The crypto giant struggled with falling crypto prices and a restructuring of its lending platform Genesis, according to CoinDesk. 

Digital Currency Group said it lost $1.1 billion last year amid falling crypto prices and the restructuring of its Genesis lending platform, CoinDesk reported.  

"In addition to the negative impact of [bitcoin] and crypto asset price declines, last year’s results reflect the impact of the Three Arrows Capital (TAC) default upon Genesis,” DCG said in a Q4 report that was obtained by CoinDesk. DCG is also the parent company of CoinDesk.  

DCG saw revenue of $143 million in the fourth quarter, and a loss of $24 million. 

Q4 revenues were $143 million, with losses of $24 million. DCG said it “hit a milestone” regarding Genesis’ restructuring, according to CoinDesk. 

Genesis Global Holdco filed for Chapter 11 bankruptcy protection last month after taking a financial hit following the collapses of Three Arrows Capital and FTX exchange last year. Earlier this month, Genesis, Gemini and DCG reached an agreement in bankruptcy court, with part of that plan including DCG contributing its equity interest in Genesis Global trading to Genesis Global Holdco, bringing all Genesis entities under the same holding company.  

 

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About Author

Sarah is a reporter at The Block covering policy, regulation and legal happenings. Before, Sarah was a reporter with CQ Legal writing about securities regulation, which is where she first started reporting on crypto. Sarah has also written for The Bond Buyer and American Banker, among other finance-related publications. She graduated from the University of Missouri and earned a degree in print and digital journalism. Sarah is based in Washington D.C., and is an avid coffee lover. You can follow her on Twitter @ForTheWynn.

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