Crypto-focused venture capital (VC) firm Digital Currency Group (DCG) reported a loss of over $1.1B for 2022 due to the crypto market downturn mainly triggered by crypto exchange FTX's collapse last year.
The high loss was also attributed to the bankruptcy of the crypto lender Genesis, a subsidiary of DCG.
- The report pointed out that crypto hedge fund Three Arrow Capital's (3AC) failure to pay its debts to Genesis illegitimately also has a significant impact on the negative results.
- The company generated a $719M combined revenue in 2022.
- In Q4 earnings, the U.S.-based crypto conglomerate also reported $143M of revenue and $24M of loss.
- The firm has $5.3B worth of total assets as of the end of 2022, with $262M of cash and cash equivalents.
- The equity valuation of the company reached $2.2B.
