Bullish Crypto Exchange Acquires CoinDesk Amidst Market Upheavals
Summary:
Bullish, a cryptocurrency exchange led by former NYSE president Tom Farley, has acquired CoinDesk, a crypto media platform. The deal, supported by top-tier investors including Peter Thiel and Louis Bacon, was made with largely undisclosed terms. The prior attempt of CoinDesk's purchase was by Matthew Roszak's investor group for $125 million. CoinDesk is not the only crypto professional media company facing bear market challenges. Another firm, The Block, was sold to Singapore-based Foresight Ventures amid market collapse. The crypto industry continues to be split by both promising developments and unexpected challenges.
Bullish, a cryptocurrency exchange led by Tom Farley, a former president of the New York Stock Exchange, has recently acquired CoinDesk, a leading crypto media platform, according to the Wall Street Journal. Ex-editor-in-chief of the Wall Street Journal, Matt Murray, will preside over an independent editorial committee, and CoinDesk's present team will retain their current positions. The specific financial terms of the all-cash acquisition, backed by high-profile investors such as Peter Thiel and Louis Bacon, have not been revealed. CoinDesk was formerly owned by the Digital Currency Group (DCG), which decided to sell the company following a strenuous financial period due to one of the harshest crypto market downturns in the past couple of years. DCG first bought CoinDesk for $500,000 back in 2016.
Cancelled SPAC mergers and attempts to acquire sections of the bankrupt FTX business mark some of Bullish's more recent ventures. Despite the fact that CoinDesk is said to have an annual revenue of around $50 million, Bullish wasn't the only company interested in buying it. A failed bid of $125 million from an investor group led by Matthew Roszak is evidence of such interest. And CoinDesk isn't the only crypto media entity to have faced challenges during the bear market. The Block also experienced a complete change of ownership that was triggered by the shocking collapse of FTX. The majority stake of The Block was bought by Singapore-based Foresight Ventures for a valuation of $70 million, with the venture capital firm acquiring an 80% stake for $60 million.
Additional news includes a special feature on Janice McAfee, the widow of John McAfee, who is currently seeking answers two years after the unexpected death of her husband and who is currently struggling financially.
Published At
11/20/2023 2:28:58 PM
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