US Crypto investment firm Digital Currency Group (DCG) announced on the 18th that it has completed its debt capital raise of $600 million, officially entering the debt capital markets.
The funding was led by private investment firm Eldridge along with participation from Capital Group, Davidson Kempner Capital Management, Francisco Partners, and others. Eldridge also served as the administrative agent for the company.
Established in 2015, DCG is a major venture capital firm with investments in more than 200 crypto and blockchain-related companies in over 35 countries around the world, including Coinbase, bitFlyer, Dapper Labs, and Decentraland (MANA).
DCG also serves as the parent company for crypto investment trust Grayscale, popular crypto news media Coindesk, prime brokerage and institutional lending firm Genesis, financing and advisory company Foundry, and global digital asset exchange and wallet Luno.
According to the company’s press release, the latest debt financing has enhanced DCG’s strategic, operational, and financial capabilities by reducing the company’s cost of capital.
“This financing strengthens our ability to respond dynamically to opportunities in the market,” said DCG Founder and CEO Barry Silbert in the announcement. He added:
“We’re very pleased to partner with this cohort of high-quality institutional lenders and, as a profitable and rapidly growing company, we are fortunate to be able to access this growth financing with an attractive cost of capital.”
In early November, DCG sold about $700 million worth of shares to multiple VCs, taking the company valuation to a reported $10 billion.