After a tumultuous 2022, Digital Currency Group (DCG), the venture capital firm behind Grayscale Investments, has seen its fortunes revive as the company’s Q4 revenue for 2023 surged by 59% to $210 million, primarily fueled by the Bitcoin rally, according to Bloomberg’s Monday report.

The company’s Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) reached $99 million for the quarter, marking a significant recovery from the $7 million loss reported in the same period the previous year.

The crypto market’s rebound in the latter half of the past year, especially the notable growth in Bitcoin’s value, has played a crucial role in bolstering DCG’s financial outcomes. According to data from TradingView, Bitcoin’s price surged from around $27,000 to $42,500 during Q4 2023.

DCG’s asset management unit, Grayscale Investments, is also a key component of DCG’s resurgence, particularly following a court ruling in favor of its bid to convert its Bitcoin Trust into a spot Bitcoin ETF. The US Securities and Exchange Commission (SEC) eventually greenlighted Grayscale’s proposal,

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Author: Vivian Nguyen

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