Digital Currency Group

Digital Currency Group was launched in 2015 by Barry Silbert, the former CEO of SecondMarket, Inc. He began investing in blockchain technology companies in 2013.{{Cite web |last=Primack |first=Dan |date=23 September 2013 |title=First Bitcoin Investment Fund Launches |url=http://fortune.com/2013/09/26/first-bitcoin-investment-fund-launches/ |url-status=live |archive-url=https://web.archive.org/web/20190430144238/http://fortune.com/2013/09/26/first-bitcoin-investment-fund-launches/ |archive-date=30 April 2019 |newspaper=Fortune Ledger |accessdate=29 March 2019}} Shortly after SecondMarket's sale, Silbert formed Digital Currency Group, with Genesis and Grayscale becoming the first of the company's subsidiaries.{{Cite news |last=Tepper |first=Fitz |date=27 October 2015 |title=Barry Silbert Launches Digital Currency Group With Funding From MasterCard, Others |work=TechCrunch |url=https://techcrunch.com/2015/10/27/barry-silbert-launches-digital-currency-group-with-funding-from-mastercard-others/ |url-status=live |archive-url=https://web.archive.org/web/20190430144312/https://techcrunch.com/2015/10/27/barry-silbert-launches-digital-currency-group-with-funding-from-mastercard-others/ |archive-date=30 April 2019 |accessdate=18 April 2019}}

In November 2021, the firm relocated its Manhattan headquarters to Stamford, Connecticut.{{Cite news |last=Hall |first=Phil |title=Blockchain behemoth DCG relocating to Stamford from NYC |work=Westfair Online |url=https://westfaironline.com/143038/blockchain-behemoth-dcg-relocating-to-stamford-from-nyc/ |accessdate=3 December 2021 |archive-date=4 December 2021 |archive-url=https://web.archive.org/web/20211204000317/https://westfaironline.com/143038/blockchain-behemoth-dcg-relocating-to-stamford-from-nyc/ |url-status=live }} The governor of Connecticut at the time, Ned Lamont, had provided financial incentives for the company to move to Stamford, including a $5 million grant if Digital Currency Group created at least 300 full-time jobs in the state.

As of November 2021, Digital Currency Group made over 200 investments in other cryptocurrency companies.{{Cite news |last=Vigna |first=Paul |date=2021-11-01 |title=WSJ News Exclusive {{!}} Digital Currency Group Wants to Be Crypto's Standard Oil |language=en-US |work=Wall Street Journal |url=https://www.wsj.com/articles/digital-currency-group-wants-to-be-cryptos-standard-oil-11635764400 |access-date=2022-08-23 |issn=0099-9660 |archive-date=2022-08-23 |archive-url=https://web.archive.org/web/20220823185824/https://www.wsj.com/articles/digital-currency-group-wants-to-be-cryptos-standard-oil-11635764400 |url-status=live }}

{{See also|Bankruptcy of FTX}}

By early 2023, DCG had over 160 companies in its portfolio, of which it had acquired 28. Subsidiaries included the crypto exchange Luno, and the firm Foundry for crypto mining. It was also an investor in Coinbase and Kraken, the firm Circle behind the stablecoin USDC, and the analytics companies Chainalysis, Dune Analytics, Elliptic, and Etherscan.{{cite web |title=Factbox: FACTBOX The many companies in Digital Currency Group's crypto empire |url=https://www.reuters.com/business/finance/many-companies-digital-currency-groups-crypto-empire-2023-01-12/ |website=www.reuters.com |publisher=Reuters |access-date=August 12, 2023 |archive-date=2023-08-14 |archive-url=https://web.archive.org/web/20230814104854/https://www.reuters.com/business/finance/many-companies-digital-currency-groups-crypto-empire-2023-01-12/ |url-status=live }} In early January 2023, DCG laid off 30% of its staff. In response to growing dispute with shareholders, Barry Silbert in early 2023 argued against debtor Cameron Winklevoss' push to replace him as CEO.{{cite web |title=Chief of Digital Currency Group defends record amid call for sacking - Barry Silbert writes to shareholders as Gemini exchange's Cameron Winklevoss seeks his removal |url=https://www.ft.com/content/4d211526-c395-4378-bd5a-dbe653b64fc1 |website=www.ft.com |publisher=Financial Times |access-date=August 14, 2023 |archive-date=August 14, 2023 |archive-url=https://web.archive.org/web/20230814114007/https://www.ft.com/content/4d211526-c395-4378-bd5a-dbe653b64fc1 |url-status=live }}

In January 2023, the Financial Times reported that DCG was considering selling parts of its venture capital holdings to raise funds.{{cite web |title=DCG's crypto broker Genesis owes creditors more than $3 bln - source |url=https://www.reuters.com/business/finance/dcgs-crypto-broker-genesis-owes-creditors-more-than-3-bln-ft-2023-01-12/ |website=www.reuters.com |publisher=Reuters |access-date=August 14, 2023 |archive-date=2023-08-14 |archive-url=https://web.archive.org/web/20230814173014/https://www.reuters.com/business/finance/dcgs-crypto-broker-genesis-owes-creditors-more-than-3-bln-ft-2023-01-12/ |url-status=live }}

On January 19, 2023, Genesis Global Capital filed for Chapter 11 bankruptcy protection, citing over 100,000 creditors and liabilities of between $1 billion and $10 billion. In February 2023, DCG struck a deal with creditors to either sell its Genesis unit or turn its equity over to creditors. Specifically, on February 6, 2023, Genesis Global Holdco announced a possible agreement with its creditors and DCG, wherein DCG would give its equity interest in Genesis Global Trading (GGT) to Genesis Global Holdco. DCG would also refinance its loans from Genesis and exchange its existing $1.1 billion promissory note for convertible preferred stock issued by DCG.{{cite web |title=Genesis Reaches Agreement in Principle with DCG and Key Creditors on a Global Resolution that Optimizes Outcome for Clients and Stakeholders |url=https://www.businesswire.com/news/home/20230206005640/en/Genesis-Reaches-Agreement-in-Principle-with-DCG-and-Key-Creditors-on-a-Global-Resolution-that-Optimizes-Outcome-for-Clients-and-Stakeholders |website=www.businesswire.com |access-date=8 February 2023 |language=en |date=6 February 2023 |archive-date=7 February 2023 |archive-url=https://web.archive.org/web/20230207214539/https://www.businesswire.com/news/home/20230206005640/en/Genesis-Reaches-Agreement-in-Principle-with-DCG-and-Key-Creditors-on-a-Global-Resolution-that-Optimizes-Outcome-for-Clients-and-Stakeholders |url-status=live }}{{cite web |last1=Sigalos |first1=MacKenzie |last2=Goswami |first2=Rohan |title=Winklevoss twins' crypto exchange Gemini to contribute $100 million to Genesis bankruptcy recovery |url=https://www.cnbc.com/2023/02/06/gemini-to-contribute-100-million-to-genesis-bankruptcy-recovery-plan.html |website=CNBC |access-date=8 February 2023 |language=en |archive-date=7 February 2023 |archive-url=https://web.archive.org/web/20230207225911/https://www.cnbc.com/2023/02/06/gemini-to-contribute-100-million-to-genesis-bankruptcy-recovery-plan.html |url-status=live }} However, in April, some creditors walked away from the restructuring agreement.{{cite web |title=Crypto group DCG says bankrupt unit Genesis' creditors renege on deal |url=https://www.reuters.com/technology/crypto-group-dcg-says-bankrupt-unit-genesis-creditors-renege-deal-2023-04-25/ |website=www.reuters.com |publisher=Reuters |access-date=August 14, 2023 |archive-date=2023-08-14 |archive-url=https://web.archive.org/web/20230814104856/https://www.reuters.com/technology/crypto-group-dcg-says-bankrupt-unit-genesis-creditors-renege-deal-2023-04-25/ |url-status=live }}

In mid-May 2023, it was reported that DCG had missed a $630 million payment to Gemini, while owing the company $1.65 billion.{{cite web |title=Gemini Pressures Digital Currency Group As Clock Runs Out On Genesis Loan |url=https://www.forbes.com/sites/emilymason/2023/05/22/gemini-pressures-digital-currency-group-as-clock-runs-out-on-genesis-loan/?sh=761409612af8 |access-date=2023-08-22 |work=Forbes |archive-date=2023-08-16 |archive-url=https://web.archive.org/web/20230816192635/https://www.forbes.com/sites/emilymason/2023/05/22/gemini-pressures-digital-currency-group-as-clock-runs-out-on-genesis-loan/?sh=761409612af8 |url-status=live }}{{cite web |title=Gemini says Digital Currency Group missed loan payment |url=https://www.axios.com/2023/05/22/gemini-says-digital-currency-group-missed-loan-payment |website=www.axios.com |publisher=Axios |access-date=August 12, 2023 |archive-date=August 14, 2023 |archive-url=https://web.archive.org/web/20230814104855/https://www.axios.com/2023/05/22/gemini-says-digital-currency-group-missed-loan-payment |url-status=live }}

DCG stated that "due to the state of the broader economy and prolonged crypto winter, along with the challenging regulatory environment for digital assets in the U.S," it shut down TradeBlock, an institutional trading platform, on May 31, 2023.{{cite web |title=Stamford-based crypto conglomerate Digital Currency Group closes another business |url=https://www.ctinsider.com/business/article/digital-currency-group-closes-trading-business-18125478.php |website=ctinsider.com |publisher= |access-date=7 August 2023 |archive-date=7 August 2023 |archive-url=https://web.archive.org/web/20230807230008/https://www.ctinsider.com/business/article/digital-currency-group-closes-trading-business-18125478.php |url-status=live }}{{cite web |title=Digital Currency Group Closes TradeBlock Institutional Trading Platform |url=https://www.bloomberg.com/news/articles/2023-05-25/digital-currency-group-closes-tradeblock-institutional-platform |website=www.bloomberg.com |publisher=Bloomberg |access-date=August 14, 2023 |archive-date=2023-06-08 |archive-url=https://web.archive.org/web/20230608075310/https://www.bloomberg.com/news/articles/2023-05-25/digital-currency-group-closes-tradeblock-institutional-platform#xj4y7vzkg |url-status=live }} At that time, Luno was still owned by DCG.{{cite web |title=Crypto exchange owned by embattled conglomerate Digital Currency Group loses top global exec |url=https://www.cnbc.com/2023/05/02/dcg-owned-crypto-exchange-luno-loses-top-global-exec-as-woes-mount.html |website=www.cnbc.com |publisher=CNBC |access-date=August 14, 2023 |archive-date=August 14, 2023 |archive-url=https://web.archive.org/web/20230814104857/https://www.cnbc.com/2023/05/02/dcg-owned-crypto-exchange-luno-loses-top-global-exec-as-woes-mount.html |url-status=live }} In July 2023, it was reported that DCG would sell CoinDesk for $125 million. At the time, DCG had closed HQ, its wealth management unit.{{cite web |title=CoinDesk to be sold in $125 million deal |url=https://www.axios.com/2023/07/20/coindesk-matthew-roszak-125-million |website=www.axios.com |publisher=Axios |access-date=7 August 2023 |archive-date=7 August 2023 |archive-url=https://web.archive.org/web/20230807212201/https://www.axios.com/2023/07/20/coindesk-matthew-roszak-125-million |url-status=live }} With Barry Silbert remaining CEO, in July 2023, DCG appointed Mark Shifke as its CFO.{{cite web |title=Barry Silbert's Digital Currency Group Names Shifke as CFO |url=https://www.bloomberg.com/news/articles/2023-07-31/barry-silbert-s-digital-currency-group-names-mark-shifke-as-cfo |website=www.bloomberg.com |publisher=Bloomberg |access-date=7 August 2023}}

In July 2023, DCG's crypto lending arm Genesis Global was still undergoing bankruptcy proceedings. In July 2023, Gemini sued DCG in New York citing fraud, with the intent of reclaiming funds.{{cite web |title=Winklevoss Twins' Gemini Sues Crypto Conglomerate DCG, Citing Fraud |url=https://www.bloomberg.com/news/articles/2023-07-07/winklevoss-s-gemini-crypto-exchange-sues-barry-silbert-and-dcg#xj4y7vzkg |website=www.Bloomberg.com |publisher=Bloomberg |access-date=August 13, 2023 |archive-date=2023-07-09 |archive-url=https://web.archive.org/web/20230709004456/https://www.bloomberg.com/news/articles/2023-07-07/winklevoss-s-gemini-crypto-exchange-sues-barry-silbert-and-dcg#xj4y7vzkg |url-status=live }} In August 2023 DCG reportedly faced an unannounced probe by the New York Attorney General, who was seeking information related to the financial dealings of DCG's subsidiary Genesis.{{cite web |title=DCG Probes Grow as NY Attorney General Seeks Genesis Information |url=https://news.bloomberglaw.com/litigation/dcg-probes-grow-as-ny-attorney-general-seeks-genesis-information |website=www.bloomberglaw.com |publisher=Bloomberg |access-date=7 August 2023 |archive-date=7 August 2023 |archive-url=https://web.archive.org/web/20230807230131/https://news.bloomberglaw.com/litigation/dcg-probes-grow-as-ny-attorney-general-seeks-genesis-information |url-status=live }}

A new Chapter 11 deal was agreed on with DCG and lender Genesis Global as well as a major creditor group in late August 2023.{{cite web |title=Genesis Creditors Forge New Chapter 11 Deal With Parent Digital Currency Group |url=https://www.wsj.com/articles/genesis-creditors-forge-new-chapter-11-deal-with-parent-digital-currency-group-6bb209ba |website=www.wsj.com |publisher=Wall Street Journal |access-date=October 7, 2023 |archive-date=October 27, 2023 |archive-url=https://web.archive.org/web/20231027035715/https://www.wsj.com/articles/genesis-creditors-forge-new-chapter-11-deal-with-parent-digital-currency-group-6bb209ba |url-status=live }}{{cite web |title=Genesis, DCG reach in-principle deal with creditors - court filing |url=https://www.reuters.com/business/finance/dcg-reaches-principle-deal-with-genesis-creditors-coindesk-2023-08-29/ |website=www.reuters.com |publisher=Reuters |access-date=October 7, 2023 |archive-date=2023-10-31 |archive-url=https://web.archive.org/web/20231031114350/https://www.reuters.com/business/finance/dcg-reaches-principle-deal-with-genesis-creditors-coindesk-2023-08-29/ |url-status=live }} The agreement involved paying out up to 90% of the amount owed to Genesis customers using new loans.{{cite web |title=Digital Currency Group could pay back nearly all money owed to Genesis customers if new agreement approved |url=https://fortune.com/crypto/2023/08/29/digital-currency-group-dcg-genesis-repaying-customers/ |publisher=Fortune |access-date=October 7, 2023 |archive-date=October 31, 2023 |archive-url=https://web.archive.org/web/20231031111021/https://fortune.com/crypto/2023/08/29/digital-currency-group-dcg-genesis-repaying-customers/ |url-status=live }}

In October 2023, the New York attorney general filed a lawsuit against DCG, Gemini Trust, and Genesis Capital for allegedly defrauding more than 230,000 investors of more than $1.1 billion. The companies allegedly lied to investors about the expected returns on their investments and in regard to their safety, while also concealing losses from them and the public. DCG replied that they would fight the claims, and that they were “shocked by the baseless allegations.”{{Cite news |last=Asgari |first=Nikou |date=2023-10-19 |title=New York sues Digital Currency Group, Gemini and Genesis over alleged $1.1bn crypto fraud |work=Financial Times |url=https://www.ft.com/content/b91e8df4-10a9-4a5b-be39-29e1c2e345d1 |access-date=2023-10-19 |archive-date=2023-10-19 |archive-url=https://web.archive.org/web/20231019231725/https://www.ft.com/content/b91e8df4-10a9-4a5b-be39-29e1c2e345d1 |url-status=live }}{{Cite news |last=Livni |first=Ephrat |date=2023-10-19 |title=New York Attorney General Sues Crypto Firms in $1 Billion Fraud Case |work=New York Times |url=https://www.nytimes.com/2023/10/19/business/cryptocurrency-lawsuit-new-york-winklevoss.html |access-date=2023-10-19 |archive-date=2023-10-19 |archive-url=https://web.archive.org/web/20231019212242/https://www.nytimes.com/2023/10/19/business/cryptocurrency-lawsuit-new-york-winklevoss.html |url-status=live }}

{{main|Genesis Global Capital}}

Launched in 2013 by DCG, Genesis is a cryptocurrency trading, lending, and asset custody platform, targeting institutional clients and high net worth individuals. They claim to have been the first Bitcoin cryptocurrency desk.{{cite web |title="About Our Company - Genesis Global Trading, Inc" |url=https://genesistrading.com/about/ |publisher=genesistrading.com |access-date=24 July 2022 |archive-date=24 July 2022 |archive-url=https://web.archive.org/web/20220724233500/https://genesistrading.com/about/ |url-status=live }}

Genesis acquired the London-based cryptocurrency custodial company Volt in early 2020. Genesis' sister company Grayscale Investments had been holding its cryptocurrency assets with the company Xapo, which had been acquired by Genesis' rival Bitcoin trading company Coinbase in 2019. News media speculated that Genesis' cryptocurrency custody would be transferred away from Coinbase and made internal to Greyscale after completion of the Volt acquisition.{{cite web |last1=Roberts |first1=Jeff John |title=Genesis expands crypto footprint with custody acquisition |url=https://fortune.com/2020/05/21/genesis-cryptocurrency-vo1t-bitcoin/ |website=Fortune.com |access-date=24 July 2022 |archive-date=24 July 2022 |archive-url=https://web.archive.org/web/20220724232632/https://fortune.com/2020/05/21/genesis-cryptocurrency-vo1t-bitcoin/ |url-status=live }}

In late June and early July 2022, Genesis publicly disclosed that it was exposed to hundreds of millions of dollars in losses from loans to both the Hong Kong-based cryptocurrency lender Babel Finance{{citation needed|date=July 2022}} and the bankrupt cryptocurrency hedge fund Three Arrows Capital (3AC),{{Cite Q|Q115175426|access-date=2022-11-22}} and that its parent company DCG had taken on some of Genesis' debts in order to keep the company afloat.{{cite news |last1=Yang |first1=Yueqi |title=Crypto Lender Genesis Confirms Exposure to Bankrupt Three Arrows Capital |url=https://www.bloomberg.com/news/articles/2022-07-06/crypto-lender-genesis-confirms-exposure-to-three-arrows-capital |newspaper=Bloomberg.com |date=6 July 2022 |publisher=Bloomberg |access-date=24 July 2022 |archive-date=7 July 2022 |archive-url=https://web.archive.org/web/20220707161228/https://www.bloomberg.com/news/articles/2022-07-06/crypto-lender-genesis-confirms-exposure-to-three-arrows-capital |url-status=live }} On August 17, 2022, Genesis CEO Michael Moro resigned to serve in an advisory position, while Chief Operating Officer (COO) Derar Islim became interim CEO. On November 1, 2022, it was reported that Mark Murphy had been promoted from DCG's COO to president and had dismissed 10% of the DCG staff.{{cite web |title=Digital Currency Group Names Murphy President, Cuts 10% of Staff |url=https://www.bloomberg.com/news/articles/2022-11-01/crypto-firm-digital-currency-group-dcg-to-cut-staff-by-about-10 |website=www.bloomberg.com |publisher=Bloomberg |access-date=August 14, 2023 |archive-date=2022-11-21 |archive-url=https://web.archive.org/web/20221121222828/https://www.bloomberg.com/news/articles/2022-11-01/crypto-firm-digital-currency-group-dcg-to-cut-staff-by-about-10#xj4y7vzkg |url-status=live }} On November 16, Genesis abruptly halted all Bitcoin withdrawals and loan applications for their customers, following FTX's bankruptcy filing.{{Cite news |last1=John |first1=Alun |last2=Lang |first2=Hannah |date=2022-11-11 |title=Crypto exchange FTX files for bankruptcy as wunderkind CEO exits |language=en |work=Reuters |url=https://www.reuters.com/business/ftx-start-us-bankruptcy-proceedings-ceo-exit-2022-11-11/ |access-date=2022-11-18 |archive-date=18 November 2022 |archive-url=https://web.archive.org/web/20221118224542/https://www.reuters.com/business/ftx-start-us-bankruptcy-proceedings-ceo-exit-2022-11-11/ |url-status=live }} The next morning, Wall Street Journal reported that it had obtained confidential documents stating that Genesis had an "ongoing run on deposits".{{cite news |last1=Kiernan |first1=Paul |title=Crypto Lender Genesis Had Sought Emergency Loan of $1 Billion |url=https://www.wsj.com/livecoverage/stock-market-news-today-11-17-2022/card/crypto-lender-genesis-sought-emergency-loan-of-1-billion-by-monday-573TThK17Ke15FYwJzLR |access-date=19 November 2022 |publisher=The Wall Street Journal |date=17 November 2022 |archive-date=18 November 2022 |archive-url=https://web.archive.org/web/20221118221118/https://www.wsj.com/livecoverage/stock-market-news-today-11-17-2022/card/crypto-lender-genesis-sought-emergency-loan-of-1-billion-by-monday-573TThK17Ke15FYwJzLR |url-status=live }}{{Cite Q|Q115366290|access-date=2022-11-22}}

On January 19, 2023, Genesis Global Capital filed for Chapter 11 bankruptcy protection.{{cite web |title=Crypto giant Genesis files for bankruptcy, after FTX collapse |url=https://www.aljazeera.com/economy/2023/1/20/crypto-giant-genesis-files-for-bankruptcy-after-ftx-collapse |website=www.aljazeera.com |access-date=8 February 2023 |language=en |archive-date=8 February 2023 |archive-url=https://web.archive.org/web/20230208161035/https://www.aljazeera.com/economy/2023/1/20/crypto-giant-genesis-files-for-bankruptcy-after-ftx-collapse |url-status=live }}{{cite web |title=Genesis Global Holdco, LLC |url=https://restructuring.ra.kroll.com/genesis/ |website=Kroll Restructuring Administration |publisher=Kroll |access-date=2 March 2023 |archive-date=30 January 2023 |archive-url=https://web.archive.org/web/20230130152606/https://restructuring.ra.kroll.com/genesis/ |url-status=live }} with the unit continuing to undergo proceedings through 2023.

{{main|Grayscale Investments}}

Established in 2013, Grayscale Investments is a digital currency asset manager.{{Cite news |last=Howcroft |first=Elizabeth |date=2022-05-16 |title=Grayscale to launch digital assets ETF in UK, Italy, Germany |language=en |work=Reuters |url=https://www.reuters.com/business/finance/grayscale-launch-digital-assets-etf-uk-italy-germany-2022-05-16/ |access-date=2022-05-16 |archive-date=2022-05-16 |archive-url=https://web.archive.org/web/20220516074939/https://www.reuters.com/business/finance/grayscale-launch-digital-assets-etf-uk-italy-germany-2022-05-16/ |url-status=live }} It offers funds privately for institutional and accredited investors{{Cite news |last=Rooney |first=Kate |date=1 November 2018 |title=Crypto investment firm Grayscale rakes in $330 million this year despite bitcoin bear market |publisher=CNBC |url=https://www.cnbc.com/2018/11/01/crypto-investment-firm-grayscale-rakes-in-330-million-this-year.html |accessdate=30 June 2020 |archive-date=17 June 2020 |archive-url=https://web.archive.org/web/20200617015309/https://www.cnbc.com/2018/11/01/crypto-investment-firm-grayscale-rakes-in-330-million-this-year.html |url-status=live }} and publicly traded products.{{Cite news |last=Salzman |first=Avi |date=15 October 2019 |title=New Cryptocurrency Fund Finds a Side Door Into Your Brokerage Account |publisher=Barron's |url=https://www.barrons.com/articles/new-cryptocurrency-fund-bitcoin-brokerage-account-51571152229 |accessdate=25 June 2020 |archive-date=17 June 2020 |archive-url=https://web.archive.org/web/20200617054251/https://www.barrons.com/articles/new-cryptocurrency-fund-bitcoin-brokerage-account-51571152229 |url-status=live }}

Grayscale was the world's largest asset manager for digital currency, as of December 2021, with more than $50 billion in assets under management.{{Cite web |title=With a cryptocurrency company's move to Stamford, Gov. Lamont and business leaders say it's a sign of change for Connecticut |url=https://www.courant.com/politics/hc-pol-economic-summit-optimism-bitcoin-20211202-7uud734qkvawpndvsywz7otfta-story.html |access-date=2022-08-23 |website=Hartford Courant |date=2 December 2021 |archive-date=2022-08-23 |archive-url=https://web.archive.org/web/20220823184929/https://www.courant.com/politics/hc-pol-economic-summit-optimism-bitcoin-20211202-7uud734qkvawpndvsywz7otfta-story.html |url-status=live }} Grayscale also manages the Grayscale Bitcoin Investment Trust ({{OTCQX|GBTC}}), which was the first publicly quoted security solely invested in the price of bitcoin upon its launch in 2013.

As of April 2021, six of Grayscale's funds were traded publicly on the OTCQX market: Bitcoin Cash, Grayscale Bitcoin Trust, Grayscale Ethereum Trust, Grayscale Ethereum Classic Trust, Grayscale Digital Large Cap Fund, and the Grayscale Litecoin Trust.{{Cite web |last=Paz |first=Javier |title=Will Grayscale Plan To Convert GBTC To A Bitcoin ETF Work? |url=https://www.forbes.com/sites/javierpaz/2021/04/08/will-grayscale-plan-to-convert-gbtc-to-a-bitcoin-etf-work/ |access-date=2022-08-23 |website=Forbes |language=en |archive-date=2022-08-23 |archive-url=https://web.archive.org/web/20220823185724/https://www.forbes.com/sites/javierpaz/2021/04/08/will-grayscale-plan-to-convert-gbtc-to-a-bitcoin-etf-work/ |url-status=live }}

Grayscale Bitcoin Trust was approved for public trading by the U.S. Financial Industry Regulatory Authority (FINRA) in 2015.{{cite news |last1=Casey |first1=Michael J. |date=1 March 2015 |title=BIT Poised to Become Publicly Traded Bitcoin Fund |work=Wall Street Journal |url=https://www.wsj.com/articles/bitcoin-investment-trust-gets-finras-ok-to-become-public-bitcoin-fund-1425242094 |access-date=23 August 2021 |archive-date=24 May 2016 |archive-url=https://web.archive.org/web/20160524190209/http://www.wsj.com/articles/bitcoin-investment-trust-gets-finras-ok-to-become-public-bitcoin-fund-1425242094 |url-status=live }}{{cite journal |last1=Salzman |first1=Avi |date=3 July 2017 |title=Bitcoin and Beyond |journal=Barron's |volume=97 |issue=27 |pages=17–20}} On January 21, 2020, Grayscale Bitcoin Trust became the first digital currency financial product to become a Securities and Exchange Commission reporting company.{{Cite web |last=Castillo |first=Michael del |title=20 Institutional Bitcoin Investors Revealed, But Soon The List May Vanish |url=https://www.forbes.com/sites/michaeldelcastillo/2020/08/06/valuable-sec-data-on-20-institutional-bitcoin-investors-could-soon-disappear/ |access-date=2021-03-18 |website=Forbes |language=en |archive-date=2021-03-14 |archive-url=https://web.archive.org/web/20210314134521/https://www.forbes.com/sites/michaeldelcastillo/2020/08/06/valuable-sec-data-on-20-institutional-bitcoin-investors-could-soon-disappear/ |url-status=live }}

In 2018, Grayscale launched the Grayscale Digital Large Cap Fund which allows a customer to invest in a group of prominent digital currencies.{{Cite news |last=Roberts |first=Daniel |date=7 February 2018 |title=Exclusive: Grayscale launches new 'Digital Large Cap Fund' tied to 5 top cryptocurrencies |publisher=Yahoo Finance |url=https://finance.yahoo.com/news/exclusive-grayscale-launches-new-digital-large-cap-fund-tied-bitcoin-ether-ripple-litecoin-160507615.html |accessdate=25 June 2020 |archive-date=9 June 2020 |archive-url=https://web.archive.org/web/20200609030856/https://finance.yahoo.com/news/exclusive-grayscale-launches-new-digital-large-cap-fund-tied-bitcoin-ether-ripple-litecoin-160507615.html |url-status=live }} The fund was approved to trade on public markets by the FINRA in October 2019.{{citation needed|date=March 2023}} In May 2022, it was reported that Grayscale would list an exchange-traded fund (ETF) for the first time in Europe. The ETF was said to be made up of companies representing the "Future of Finance", and would begin trading on May 17.

{{main|CoinDesk}}

CoinDesk is a global media, research, and events platform that was acquired by Digital Currency Group in 2016.{{Cite web |last=Matney |first=Lucas |date=13 January 2016 |title=CoinDesk Gets Acquired By Digital Currency Group |url=https://techcrunch.com/2016/01/13/coindesk-acquired-by-digital-currency-group/ |url-status=live |archive-url=https://web.archive.org/web/20160518035638/http://techcrunch.com/2016/01/13/coindesk-acquired-by-digital-currency-group/ |archive-date=18 May 2016 |access-date=10 May 2016 |website=TechCrunch}} It reports on bitcoin blockchain daily news, provides a bitcoin price index and publishes a quarterly State of Bitcoin report. CoinDesk also hosts a conference on digital currencies and blockchain technologies named Consensus.{{Cite news |last=Roberts |first=Daniel |date=4 May 2016 |title=The 5 biggest bitcoin and blockchain announcements at Consensus |work=Yahoo Finance |url=https://finance.yahoo.com/news/the-biggest-bitcoin-and-blockchain-news-announcements-at-consensus-conference-2016-chain-21-delaware-craig-wright-032242815.html |url-status=live |archive-url=https://web.archive.org/web/20160509022832/http://finance.yahoo.com/news/the-biggest-bitcoin-and-blockchain-news-announcements-at-consensus-conference-2016-chain-21-delaware-craig-wright-032242815.html |archive-date=9 May 2016 |accessdate=10 May 2016}}

Foundry, established in 2019, sets up and manages bitcoin mining operations in the United States and Canada.{{Cite web |title=Crypto giant DCG bets $100M to mine Bitcoin in North America |url=https://fortune.com/2020/08/27/bitcoin-mining-dcg-foundry-north-america-btc/ |access-date=2022-08-23 |website=Fortune |language=en |archive-date=2022-08-23 |archive-url=https://web.archive.org/web/20220823191224/https://fortune.com/2020/08/27/bitcoin-mining-dcg-foundry-north-america-btc/ |url-status=live }} In addition to setting up and operating its own cryptocurrency mining equipment, Foundry also provides financing, specialized digital mining equipment, and expertise to other digital currency startups.{{Cite web |last=Robertson |first=Harry |title=Bitcoin mining can be a 'bridge' to a renewable energy future by supporting green projects, a leading North American miner says |url=https://markets.businessinsider.com/currencies/news/bitcoin-btc-energy-use-mining-climate-environment-cyrptocurrencies-foundry-2021-3-1030229621 |access-date=2022-08-23 |website=Markets Insider |language=en-US |archive-date=2022-08-23 |archive-url=https://web.archive.org/web/20220823190908/https://markets.businessinsider.com/currencies/news/bitcoin-btc-energy-use-mining-climate-environment-cyrptocurrencies-foundry-2021-3-1030229621 |url-status=live }}

In the summer of 2021, Foundry helped to relocate over $300 million worth of equipment from China to North America following the Chinese government shutdown of many cryptocurrency mining operations.{{Cite web |last=Sigalos |first=MacKenzie |title=It just got harder and less profitable to mine for bitcoin as algorithm adjusts |url=https://www.cnbc.com/2021/08/12/bitcoin-mining-becomes-more-difficult-as-algorithm-adjusts.html |access-date=2022-08-23 |website=CNBC |language=en |archive-date=2022-08-23 |archive-url=https://web.archive.org/web/20220823191225/https://www.cnbc.com/2021/08/12/bitcoin-mining-becomes-more-difficult-as-algorithm-adjusts.html |url-status=live }}

Bloomberg reported in April 2023 that Foundry would stop offering free Bitcoin mining services, and between April 19 and April 22, would instead levy a pool fee on members. The services had been free since 2019.

{{cite web |title=DCG's Bitcoin Mining Firm Foundry to Stop Offering Free Services |url=https://www.bloomberg.com/news/articles/2023-04-06/dcg-s-bitcoin-mining-firm-foundry-to-stop-offering-free-services?sref=xlHcxOOx |website=www.bloomberg.com |publisher=Bloomberg |access-date=7 April 2023 |archive-date=2023-11-08 |archive-url=https://web.archive.org/web/20231108235805/https://www.bloomberg.com/news/articles/2023-04-06/dcg-s-bitcoin-mining-firm-foundry-to-stop-offering-free-services?sref=xlHcxOOx |url-status=live }}

{{main| Luno_(cryptocurrency_company)}}

Cryptocurrency startup Luno (formally BitXhttps://www.businesslive.co.za/bd/companies/financial-services/2017-01-11-sa-founded-bitcoin-company-bitx-rebranded-as-luno/) was founded in 2013 by four South Africans, Marcus Swanepoel, a former investment banker and Timothy Stranex, a Google software engineer,{{Cite web |title=Luno's journey from a small startup to R121 billion in transactions |url=https://mybroadband.co.za/news/cryptocurrency/393187-lunos-journey-from-a-small-startup-to-r121-billion-in-transactions.html |access-date=2025-01-11 |language=en-ZA}} Carel van Wyk and Pieter Heyns.{{Cite web |title=Luno co-founder and CTO resigns |url=https://mybroadband.co.za/news/cryptocurrency/477683-luno-co-founder-and-cto-resigns.html |access-date=2025-01-11 |language=en-ZA}} In 2015 BitX received a 3https://mybroadband.co.za/news/cryptocurrency/393187-lunos-journey-from-a-small-startup-to-r121-billion-in-transactions.html million dollar investment injection by the Naspers Group. In September 2020, Digital Currency Group acquired Luno, a cryptocurrency exchange based in London.{{Cite news |date=2020-09-09 |title=Naspers-Backed Crypto Luno Acquired by Digital Currency Group |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/news/articles/2020-09-09/dcg-buys-bitcoin-frontier-exchange-luno-from-naspers-rmih-kevb7jqb |access-date=2022-08-23 |archive-date=2022-08-24 |archive-url=https://web.archive.org/web/20220824015051/https://www.bloomberg.com/news/articles/2020-09-09/dcg-buys-bitcoin-frontier-exchange-luno-from-naspers-rmih-kevb7jqb |url-status=live }} At the time of the acquisition, Luno had more than 5 million customers.

• List of bitcoin companies

{{Reflist}}

{{commons category|Digital Currency Group}}

• {{Official website|https://dcg.co/ }}

{{Cryptocurrencies}}

Category:Cryptocurrency exchanges

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Category:Bitcoin companies

Category:American companies established in 2015

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Category:Companies based in Connecticut

Category:Companies based in Stamford, Connecticut