Crypto media firms in 2023 are emerging with new owners. After Foresight Ventures, a Singaporean Web3 venture capital firm acquired a major stake in the publication The Block, a week later, the crypto publication Coindesk was acquired by Bullish, a firm led by former New York Stock Exchange President Tom Farley. The purchase price was not disclosed but reports detail it was an all-cash deal.
Crypto Media Company Coindesk Sold to Bullish
Coindesk, the crypto media publication founded in 2013, has been acquired by Bullish, a subsidiary of Block.one that provides an institutional digital assets exchange and proprietary automated market making (AMM) technology. Bullish published a press release detailing that it had purchased Coindesk from Digital Currency Group. DCG, a venture capital firm founded by Barry Silbert, had acquired the media publication in 2016.
“I’m incredibly proud of Coindesk’s growth and development over the last seven years, having transformed itself from a small blog about bitcoin into an award-winning media and events company and the most trusted information platform for digital assets,” Silbert, founder and CEO of Digital Currency Group, said during the sale announcement.
The acquisition price is not known, and The Wall Street Journal reported that the arrangement was an all-cash deal. Block.one, the parent company of Bullish, held one of the largest initial coin offerings (ICOs) in history and crafted the blockchain known as EOS. The private firm is also one of the largest holders of bitcoin (BTC) after acquiring the leading crypto asset following the ICO.
Block.one, which has raised $4.1 billion total, has made investments in more than 47 different firms and projects according to Crunchbase, including Silvergate Capital, Upland, Niftyz, Coindcx, Chainwise Group, and Skystone Games. On the other hand, Pitchbook shows Block.one has made more than 117 investments in total. Block.one investors include Bitmain, Peter Thiel, Alan Howard, Fenbushi Capital, Tally Capital, Galaxy Interactive, C3 Ventures, Animoca Brands, Andreessen Horowitz, and Heliad.
Coindesk further detailed on Monday that the firm has formed an editorial committee to bolster journalistic independence. Moreover, Matt Murray, former editor-in-chief of The Wall Street Journal, is joining the team as chairman of the editorial committee. “This last year has been a difficult period for our industry,” the CEO of Coindesk Kevin Worth said. “It has reminded us all that trust is an absolute essential ingredient for the future of digital assets. Coindesk will continue our proud independent tradition with Matt’s guidance.”
What do you think about Coindesk being acquired by Bullish? Share your thoughts and opinions about this subject in the comments section below.
