CoinDesk owner secures $600 million in debt financing
CoinDesk owner secures $600 million in debt financingCoinDesk owner secures $600 million in debt financingDCG, Eigentümer von CoinDesk, sichert sich 600 Mio. $ durch FremdkapitalaufnahmeDCG, Eigentümer von CoinDesk, sichert sich 600 Mio. $ durch Fremdkapitalaufnahme

Digital Currency Group (DCG) has raised $600 million through debt financing. Among other things, the group is behind the news site CoinDesk, dedicated to news about cryptocurrencies. Earlier, the group announced a secondary equity sale worth $700 million. DCG’s subsidiaries also include digital asset manager Grayscale, digital currency prime broker Genesis and other big names.

The group announced in a press release that it has appointed Elbridge to manage the credit facility.

Entering the debt capital market

This is the first time Manhattan-based DCG has entered the debt capital markets. The Guppe plans to use the funds from its recent capital raise to grow and develop its portfolio. The company says the financing has strengthened its “strategic, operational and financial capabilities.”

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CEO dBarry Silbert explained that the new funds would help to better position the company. In this way, it intends to take advantage of all potential opportunities in the industry. Silbert commented:

We are delighted to be working with this group of high profile institutional lenders. As a profitable and rapidly growing company, we are fortunate to be able to obtain this financing at an attractive cost of capital.

CFO Michael Kraines added:

We have solidified our leading market position over the past several years through the development and growth of our diversified subsidiaries, the continued expansion of our investment portfolio and through acquisitions. This debt financing is an important milestone. It will allow us to ensure that DCG continues to play a leading role in the development of this remarkably dynamic industry.

The financing makes CoinDesk owners “decacorn”

After completing its secondary stock sale a few days ago, the company has a valuation of $10 billion. With this valuation, CoinDesk’s owner achieves “Decacorn” status. The SoftBank-led sale involved a number of notable market players, including Alphabet’s Ribbit Capital and CapitalG.

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Since its inception, the group had raised just $25 million. The Decacorn status came as a surprise to many, even though the group already manages more than $50 billion in assets. Participants in the debt raise included lenders and funds managed by Capital Group, Francisco Partners as well as Davidson Kempner Capital Management.

DCG is one of the very few massively valued privately held companies. In discussing the secondary stock sale, the company’s CEO indicated that the goal was to give investors the opportunity for gains rather than to attract new capital. The funds raised were distributed among the shareholders. They had the opportunity to sell their shares. But none of them decided to get rid of all the shares.