Digital Currency Group's Q1 2023 Revenue Jumps, CFO Michael Kraines Resigns – Here's the Latest
Barry Silbert’s crypto conglomerate Digital Currency Group (DCG) saw its revenue rise 63% in the first quarter compared to the prior quarter, but it was still down on a year-over-year basis.
For the first quarter this year, DCG’s revenue totaled $180 million, up a respectable 63% from the prior quarter, the company said in an update this week.
However, that’s still down 46% compared to the first quarter of last year, which was a time when the entire crypto market traded at much higher prices than today.
As of the end of Q1 2022, bitcoin (BTC) traded at around $45,000, approximately 60% above the current price of around $28,000.
In its update, DCG also said that it has repaid a $350 million senior secured term loan during the quarter.
Commenting on its performance this year, DCG said in a letter to shareholders that its financial performance so far this year is “reflective of the market.”
Meanwhile, the firm on Tuesday also announced that its chief financial officer Michael Kraines stepped down last month, and that President Mark Murphy and Chief Strategy Officer Simon Koster will take over his duties until a permanent replacement can be found.
A veteran from the world of traditional finance, Michael Kraines assumed the position as CFO in March of 2021, saying at the time that he looked forward to “accelerate its growth and positive impact on the industry.”
The firm said that headhunting firm Heidrick & Struggles has been engaged to help find a replacement for Kraines.
DCG has been in the news both this year and last year due to financial difficulties faced by crypto lending and trading firm Genesis Global, which is owned by DCG.
Late last year, the difficulties led to the suspension of redemptions from Genesis, causing problems
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