2022 was a tough year not only for cryptocurrencies but also for global markets. Bankruptcies in cryptocurrencies, in particular, caused serious losses to many players in the sector with the domino effect.
bitcoin and major altcoin Digital Currency Group, which is the gateway for institutional investors to cryptocurrencies with its portfolio, announced that it has lost $ 1.1 billion in 2022.
According to a special report by DCG’s foundation Coindesk, the company had $262 million in cash and $670 million in funds at the end of 2022.
The company reported a loss of $1.1 billion in 2022 due to falling cryptocurrency prices and the Genesis restructuring process.
In DCG’s Q4 report, this was explained as follows:
“The negative impact of the declines in BTC and crypto-asset prices, as well as the effects of Three Arrow Capital’s bankruptcy on Genesis, affected the balance sheet.”
As of December 31, 2022, DCG has $5.3 billion in assets on its balance sheet. Among these, DCG’s equity includes $262 million in cash and $670 million in funds. Grayscale and Foundry make up the bulk of DCG’s assets.
Grayscale is the largest bitcoin It is closely followed by Bitcoin investors as it is a fund.
In the report, it was stated that a milestone has been reached in the restructuring process of Genesis and an as yet unconfirmed preliminary agreement has been reached with some of the major creditors. Accordingly, DCG’s obligations of 600 million dollars, which are due in May 2023, are expected to be extended until June 2024.
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