Digital Currency Group (DCG) announced a revenue of $229 million in the first quarter, showing an 11% increase compared to the previous quarter. Grayscale, a subsidiary of DCG, contributed $156 million to this revenue during the same period. Despite facing redemptions and a lower management fee due to the transition of the Grayscale Bitcoin Trust (GBTC) to an ETF, Grayscale's revenue remained steady.

DCG had anticipated lower revenue due to increased competition in the ETF structure but was pleasantly surprised by the strong revenue performance of GBTC. Other DCG ventures like Foundry and Luno experienced revenue growth of 35% and 46%, respectively.

Various significant events occurred during the quarter, including the U.S. approval of Grayscale's GBTC and spot Bitcoin ETFs, as well as record-high Bitcoin prices in March. DCG expressed satisfaction with the positive start to the year amidst the changing landscape.

Comparing year-over-year performance, DCG's first-quarter revenue saw a 51% increase from the same period last year, aligning with the approximately 134% increase in the price of Bitcoin.