SoftBank led the investment! DCG, a greyscale parent group, sold $700 million worth of shares at a valuation of more than $10 billion

Digital Currency Group, the parent company of

, sold $700 million of shares in a major secondary fundraising led by Japanese financial giant SoftBank and Google's parent company Alphabet. The company is expected to be valued at more than $10 billion.

DCG is the world's oldest cryptocurrency group, including asset management firm Grayscale and media CoinDesk. This round of investment is the second largest in the crypto industry, with assets under management of $52.6 billion. Barry Silbert, CHIEF executive of

's

DCG, told the Wall Street Journal: "We are proud to have SoftBank, Alphabet private equity arm Capita lG, VENTURE capital firm Ribbit, GIC, and VENTURE capital firm Tribe join this round." Barry Silbert of

stressed that the investment was not meant to raise money, but rather to allow some early investors to make a profit and exit, but no one sold all their shares. Barry Silbert himself owns 40 percent of the company, but he hasn't sold any shares this time either. DCG has been profitable and is expected to top $1 billion in revenue this year. In mid-October, Silbert said DCG was planning to convert its Bitcoin trust (GBTC) to a spot-settled Bitcoin exchange traded fund (ETF).