Digital Foreign money Group reported $1.1 billion loss for 2022

• Digital Foreign money Group reported a lack of $1.1 billion for 2022, based on the corporate’s fourth quarter.
• Money and money equivalents as of 31 December 2022 was simply $262 million, whereas the Grayscale father or mother firm had $670 million in funding belongings.
• The consolidated steadiness sheet confirmed full 12 months income of $719 million for 2022, with $124 million in This fall.

Digital Foreign money Group (DCG), a US-based crypto firm lately within the information for the troubles dealing with it and a few of its subsidiaries following the crypto winter, has reported a $1.1 billion loss for the 2022 financia 12 months.

Crypto publication CoinDesk reported on Monday.

DCG: Market crash and 3AC default impacted steadiness sheet

In line with particulars within the firm’s fourth quarter report, a part of the hit to income got here from the crypto market crash. Apart from the dump in Bitcoin worth, DCG’s steadiness sheet was additionally impacted by a serious default on Genesis, the agency’s lending platform.

Particularly, the corporate suffered massively from the collapse of crypto hedge fund Three Arrows Capital (3AC), the quarterly report detailed. Genesis filed for chapter in January this 12 months.

DCG reportedly held $5.3 billion in complete belongings as of 31 December, 2022, with money and money equivalents totaling $262 million. Nonetheless, the consolidated steadiness sheet additionally exhibits funding belongings of simply $670 million, which included held tokens, enterprise investments and Grayscale belief shares.

For This fall, the enterprise capital agency reported revenues of simply $143 million, whereas losses reached $24 million. DCG’s consolidated 2022 income was $719 million.

Digital Foreign money Group is the father or mother firm of Grayscale Investments, Luno, Foundry Providers, Genesis Buying and selling, TradeBlock and CoinDesk.