Crypto media platform CoinDesk was acquired by crypto exchange Bullish on Nov. 20, according to a report published in the Wall Street Journal (WSJ).
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 while 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, formerly owned by Digital Currency Group, has been in the acquisition talks after DCG faced a financial crunch after one of the worst crypto winters over the past two years. DCG purchased CoinDesk for $500,000 in 2016.
The CoinDesk acquisition by Bullish was backed by investors such as Peter Thiel and Louis Bacon. However, the deal follows a canceled SPAC merger, and comes amid efforts to acquire parts of the bankrupt FTX’s business.
According to reports, CoinDesk generates an annual revenue of $50 million, however, Bullish is not the only firm that showed interest in the media company. Earlier, an investor group led by Matthew Roszak attempted to purchase CoinDesk for $125 million, but the deal didn’t materilize.
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 after the cataclysmic collapse of the crypto exchange. The crypto news platform sold a majority of its stake to Singapore-based venture capital firm Foresight Ventures at a $70 million valuation. The VC firm behind the deal bought an 80% stake for $60 million.
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