DCG CFO resigns as crypto holding repays $350 million loan.
The company’s revenue increased from the fourth quarter as crypto prices soared. However, there was a statement of departure from an important position in the company.
Interesting Statement from Digital Currency Group
Crypto firm Digital Currency Group (DCG) has announced that its Chief Financial Officer, Michael Kraines, resigned in April, fully repaying a $350 million top-secured term loan in the first quarter.
Kraines became CFO two years ago. According to a letter to shareholders, DCG has hired Heidrick & Struggles to recruit a new CFO, with President Mark Murphy and Chief Strategy Officer Simon Koster leading the finance department.
The letter also reported DCG’s first-quarter revenue of $180 million, up 63 percent from the fourth quarter as crypto prices soared. However, there was a decrease compared to a year ago. It also reported a loss of $6 million last quarter, based on adjusted earnings before interest, taxes, depreciation and amortization (Ebitda).
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