The Digital Currency & Blockchain Technology team advised Digital Currency Group on its private sale of $700 million in stock that valued the company at $10 billion. All of such proceeds were used to repurchase shares from certain existing investors.
Digital Currency Group is an industry-leading cryptocurrency-/blockchain-focused conglomerate with holdings that include operating subsidiaries Grayscale, Genesis, Foundry, Luno, and CoinDesk, in addition to hundreds of minority investments in companies within such vertical.
Investors purchasing stock in such secondary sale included, among others, SoftBank, Alphabet Inc.’s CapitalG, GIC and Ribbit Capital.
For more details, read the article in The Wall Street Journal.