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You are here: Home / Archives for Barry Silbert

Barry Silbert

Crypto IPO: A $4 billion IPO can meet Barry Silbert’s DCG future

November 15, 2020 by Utkarsh Gupta

When we talk of public-tradable companies in the digital asset industry, very few organizations will come to mind. These organizations are small businesses, and none of the multi-billion dollar corporations has taken a step into the Crypto IPO.

Over the past few years, there have been talks about Coinbase and BlockFi taking the big step forward but nothing constructive has manifested from either side till now. Now, According to Messari, a third party might also soon throw their hat into the Crypto IPO mix, which happens to be Barry Silbert’s Digital Currency Group.

Digital Currency Group or DCG is a venture capital company that has several established crypto businesses under its administration. The organization has been around for over 5 years, and it has developed corporations such as Genesis Global Trading and Grayscale Investments. Additionally, DCG also controlled CoinDesk and Internation retail exchange, Luno, under its wing.

While discussions over a Crypto IPO have not been raised publicly for DCG’s end, the report crunched down some numbers, which indicated that DCG would present a strong case for a successful IPO.

Barry Silbert and his numbers game with Genesis, Grayscale

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According to the report, Genesis recently revealed its quarterly report for Q3 2020. Genesis Global Trading, an OTC crypto trading desk, and crypto lending/borrowing platform, registered loans which surpassed $5 billion on the quarter. The total active loans were estimated to be $2.1 billion which would bring is $42 million annual revenue at the moment.

Additionally, on the trading aside, Genesis registered over $1 billion in derivatives trading and $4.5 billion in spot volumes, where estimated trading revenue is expected to be around $8.8 million.

These are extremely impressive numbers and with respect to Grayscale, the crypto industry already had an idea. Grayscale’s flagship product, GBTC has continued to aggressively accumulate BTC in 2020, currently occupying close to 2% of total circulation. Grayscale was bringing in close to $159 million in revenue per year. The report added,

“With Genesis and Grayscale generating an estimated $50M and $123M a year, that still leaves Coindesk and Luno. On top of that, DCG also has a sizeable investment arm, consisting of both liquid and VC investments that would bring their total valuation to around $4.3 billion.”

DCG’s added advantage for its Crypto IPO

The $4.3 billion valuation of DCG is impressive. It is impressive enough to take the IPO step but Barry Silbert’s organization had an added advantage. One of the key fundamentals before going public is to attain a list of clients that come from an institutional background and high net worth individuals. A retail heavy clientele does not attract that right kind of people to undertake the proceeding of an IPO. For Genesis and Grayscale, it has been their major source of revenue. Genesis trading strictly caters to the demands of institutional investors and in 2019, it facilitated the crypto-fiat lending system due to immense institutional demand.

Grayscale’s stance in the public eye is already clear as day, with the investment wing catering to institutions trying to attain exposure to digital assets. Hence, with Digital Currency Group, a Crypto IPO can be manifested in a matter of months, if Barry Silbert decides to take the company public.

Filed Under: World, News Tagged With: Barry Silbert, Digital Currency Group, Genesis, Grayscale

Grayscale’s Barry Silbert Thinks US Will Be The Next BTC Mining Hotspot After China

February 13, 2020 by Ketaki Dixit

China has been a driving force in cryptocurrency adoption, at least in the Asian sector. Several major players were looking at the Red Dragon as the marker for development in the decentralized assets space.

New comments from proponents of the space have now shown that there was a swing occurring where people preferred to conduct mining operations outside China.

Grayscale Investments boss Barry Silbert recently took to the airwaves to inform investors that there was a growing demand of interest from areas outside China. Currently, China dominates digital coin mining and that figure is yet to be challenged.

Grayscale Investments is the world’s biggest cryptocurrency asset manager and its Silbert has made news multiple times while praising Bitcoin.

Silbert is also responsible for the popular ‘DropGold’ campaign that aimed to show that Bitcoin was much better than traditional gold as a form of long term investment.

The Grayscale CEO did not mention the main reasons why there was a shift from China, leaving many to guess. He claimed that over the past three to six months, there was a growing shift in moving mining activities to the US or Canada.

There has been significant competition among countries to establish dominance in the cryptocurrency space. Powerhouses such as Japan have also kept a watchful eye on China and have openly stated that the Xi Jinping led the country was a threat.

Miners in China control sixty-six percent of all Bitcoin mining, which puts the ball squarely in their court. Silbert’s comments are expected to render some hope to investors who believe that the west needs to up its game.

Even though China has the lion’s share when it comes to mining, the country still does not allow digital assets to flourish in its full glory. The laws in the country still state that cryptocurrencies were not fully accepted.

Instead of cryptocurrencies, blockchain technology was considered the real superstar as several companies have begun using it. Officials in China, including the President, had revealed that using blockchain technology was the way to go for the future.

Although Silbert’s comments were positive for the US mainland, miners need to ensure that all the guidelines are met. Reports have shown that there have been several scams in the space and the advent of growth in the mining sector will only elevate that.

 

Filed Under: News, Bitcoin News, Industry Tagged With: Barry Silbert, Bitcoin (BTC), blockchain technology, China, Digital coin, Grayscale Investments

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