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Bullish acquires CoinDesk in all-cash deal from Digital Currency Group
Published Nov 20, 2023 08:44AM ET
© Reuters.
Tom Farley's cryptocurrency exchange Bullish has completed the acquisition of the prominent crypto media outlet CoinDesk, a move that marks the latest consolidation in the digital currency sector. The transaction was an all-cash deal, though financial specifics were not made public. The acquisition comes after Digital Currency Group (DCG), which purchased CoinDesk for $500,000 in 2016, decided to part ways with the media company.
CoinDesk, under the stewardship of CEO Kevin Worth, will maintain its operational independence within Bullish. To safeguard editorial independence and integrity, a committee led by Matt Murray will be established. This move is seen as a commitment to maintaining the high journalistic standards CoinDesk is known for.
The acquisition by Bullish, which enjoys backing from notable investors such as Peter Thiel and Louis Bacon, follows a canceled SPAC merger and comes amid efforts to acquire parts of the bankrupt FTX's business. It signifies Bullish's strategic positioning in a market that is anticipating recovery after a tumultuous period.
CoinDesk has been at the center of significant events in the crypto world recently. Its investigative reporting on Alameda Research played a role in unveiling financial issues that precipitated the FTX crisis. The fallout from this crisis has affected several firms, including DCG's Genesis Global Capital, which filed for bankruptcy amidst wider industry challenges.
The pursuit of CoinDesk by Bullish was not without competition. Prior to the successful acquisition, an investor group led by Matthew Roszak had attempted to purchase CoinDesk with a bid of $125 million, which ultimately did not materialize.
With CoinDesk generating annual revenues of approximately $50 million from its media content, events, and indexes sectors, Farley's Bullish sees potential for growth. The platform's influential position within the cryptocurrency industry could provide Bullish with an advantageous foothold as market conditions evolve.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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