Crypto exchange Bullish has reportedly acquired a 100% stake in the renowned crypto media platform CoinDesk. The acquisition, conducted in an all-cash deal, was confirmed by a report in The Wall Street Journal on November 20. Tom Farley, the former president of the New York Stock Exchange, leads Bullish.
The terms of the deal were not disclosed, but it marks a significant development in the crypto media landscape. CoinDesk, previously owned by Barry Silbert’s Digital Currency Group (DCG), was purchased for $500,000 in 2016. The acquisition talks gained momentum amid DCG’s financial challenges following the severe crypto winter that led several high-profile crypto firms to face bankruptcy.
Former Wall Street Journal editor-in-chief Matt Murray has been appointed to chair an independent editorial committee overseeing CoinDesk. Notably, the existing CoinDesk editorial team is expected to remain intact under the new ownership.
Bullish’s acquisition of CoinDesk was not the only offer on the table. In July, a group of investors, led by Matthew Roszak, aimed to purchase CoinDesk for $125 million. However, the deal did not materialize, and Bullish emerged as the final acquirer.
Reports suggest that CoinDesk generates an annual revenue of $50 million, making it a valuable asset in the crypto media space. The acquisition comes at a time when various crypto media companies are navigating challenges amid market fluctuations. The Block, another crypto news platform, faced restructuring after links with FTX surfaced following the exchange’s collapse. It sold a majority stake to Singapore-based venture capital firm Foresight Ventures at a $70 million valuation, with Foresight Ventures acquiring an 80% stake for $60 million.
The acquisition of CoinDesk by Bullish underlines the dynamic nature of the crypto industry, where companies diversify their portfolios and strengthen their positions in response to evolving market conditions. The undisclosed terms of the deal leave room for speculation, but the move is expected to shape the future landscape of crypto media.