Crypto exchange Bullish buys 100% stake in crypto media site CoinDesk: Report
CoinDesk was owned by the Digital Currency Group, which acquired the media company in 2016 for $500,000. Its new owner is headed by former New York Stock Exchange president Tom Farley.
Crypto media platform CoinDesk has been acquired by crypto exchange Bullish for an undisclosed sum, according to a report published in The Wall Street Journal (WSJ) on Nov. 20.
The crypto exchange is headed by former New York Stock Exchange president Tom Farley. The media platform said that former Wall Street Journal editor-in-chief Matt Murray will chair an independent editorial committee, and the current CoinDesk editorial team will remain intact.
According to the report, Bullish acquired the crypto media platform in an all-cash deal, though the terms of the deal were not disclosed. The media platform, purchased by Barry Silbert’s Digital Currency Group for $500,000 in 2016, had been in acquisition talks amid DCG’s financial crunch following a severe crypto winter that saw many high-profile crypto firms face bankruptcy.
The acquisition was backed by investors such as Peter Thiel and Louis Bacon. However, the deal follows a canceled special purpose acquisition company merger and efforts to acquire parts of bankrupt exchange FTX.
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According to reports, CoinDesk generates an annual revenue of $50 million. However, Bullish was not the only firm interested in the media company. In July, a group of investors led by Matthew Roszak attempted to purchase CoinDesk for $125 million, but the deal didn’t materialize.
CoinDesk is not the only crypto media company to have struggled during the bear market. The Block also had to cut ties with its original founders after links with FTX surfaced shortly after the exchange collapsed. The crypto news platform sold a majority of its stake to Singapore-based venture capital firm Foresight Ventures at a $70 million valuation, which bought an 80% stake for $60 million.
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