Crypto media platform CoinDesk was acquired by cryptocurrency exchange Bullish on November 20, according to the exchange. Report Published in The Wall Street Journal (WSJ).
The cryptocurrency exchange is led by Tom Farley, the former president of the New York Stock Exchange. The media platform said former Wall Street Journal editor-in-chief Matt Murray will serve as chairman of the independent editorial board, while the current CoinDesk editorial team will remain unchanged.
Bullish reportedly acquired the crypto media platform in an all-cash deal, but terms of the deal were not disclosed. The media platform, formerly owned by Digital Currency Group, has been in acquisition talks as DCG faces a financial crisis following one of the worst cryptocurrency winters of the past two years. DCG acquired CoinDesk in 2016 for $500,000.
Bullish’s acquisition of CoinDesk was backed by investors including Peter Thiel and Louis Bacon. However, the deal comes after a SPAC merger was called off and comes amid efforts to acquire parts of the bankrupt FTX business.
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CoinDesk reportedly has annual revenue of $50 million, but Bullish is not the only company showing interest in the media company. Earlier, an investment group led by Matthew Roszak attempted to acquire CoinDesk for $125 million, but the deal did not materialize.
CoinDesk isn’t the only crypto media company to find itself in trouble during the bear market. The Block also had to cut ties with its original founders after ties to FTX surfaced following the cryptocurrency exchange’s catastrophic collapse. The crypto news platform sold a majority stake to Singapore-based venture capital firm Foresight Ventures at a valuation of $70 million. The venture capital firm behind the deal purchased 80% of the shares for $60 million.
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