Digital Currency Group Reports Better than Expected Q1 Revenue
The growth in the DCG revenue stemmed from the recovery that was experienced in the broader crypto ecosystem. For the quarter, the company said its losses for the quarter came in at $6 million, based on adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA). advertisement “DCG’s financial performance this year so far is reflective of the market,” the letter said, adding that its revenue for the year came in at $620 million and that it repaid a $350 million senior secured term loan for the quarter. Digital Currency Group entered this year with a great deal of uncertainty stemming from the financial distress experienced by some business entities in its lending arm Genesis . The losses incurred by Genesis that eventually led to its insolvency was due to its exposure to FTX Derivatives Exchange which filed for bankruptcy earlier in November. The current performance outlook did not just show that DCG’s f...
