On March 16, the protocol designed to offer scalable and low-cost smart contract capabilities will “cliff unlock” 1.11 billion ARB tokens worth $1.24 billion at the going market rate of $1.12. The amount to be released equates to 87% of the token’s circulating supply of 1.275 billion. At press time, over 5 billion ARB tokens remain locked. Source
The crypto winter of 2022 has put severe stress on the balance sheet of DCG. The company is working on major restructuring with the blowup of its crypto lending subsidiary Genesis. On Monday, February 27, crypto conglomerate Digital Currency Group (DCG) announced its results for the last year of 2022. The company reported a net loss of $1.1 billion amid heavy correction in the crypto space and the restructuring of its lending platform Genesis. During the fourth quarter, DCG reported revenue of $143 million with a loss of $24 million.…
From a consolidated balance sheet perspective, DCG held total assets of $5.3 billion as of Dec. 31, 2022, the report said. This included cash and cash equivalents of just $262 million. Investment assets, including tokens, Grayscale trust shares, venture and fund investments amounted to $670 million. The remaining assets consist mostly of assets held by divisions Grayscale and Foundry, according to DCG. Source