Digital Currency Group (DCG), one of the largest venture capital firms in the crypto ecosystem, has reported better than expected revenue in the first quarter of this year. As contained in a shareholder letter, DCG said it raked in a total of $180 million in revenue for the quarter, a figure that is up by 63% from the fourth quarter of last year.
The growth in the DCG revenue stemmed from the recovery that was experienced in the broader crypto ecosystem. For the quarter, the company said its losses for the quarter came in at $6 million, based on adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA).
“DCG’s financial performance this year so far is reflective of the market,” the letter said, adding that its revenue for the year came in at $620 million and that it repaid a $350 million senior secured term loan for the quarter.
Digital Currency Group entered this year with a great deal of uncertainty stemming from the financial distress experienced by some
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