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This Crypto Exchange Acquired Crypto Media Company CoinDesk: Report

1 min
Updated by Ryan James
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In Brief

  • WSJ reports that crypto exchange "Bullish" acquired CoinDesk, a crypto media company, amid financial turmoil.
  • CoinDesk's parent company, Digital Currency Group (DCG), considered selling after the FTX collapse.
  • Bullish, led by ex-NYSE President Tom Farley, now owns a 100% stake in CoinDesk, strengthening its position.
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Wall Street Journal (WSJ) has reported that the crypto publication – CoinDesk- was acquired by a crypto exchange – Bullish.

Since the FTX collapse, CoinDesk’s parent – the Digital Currency Group (DCG), has been in financial turmoil. Hence, the sale of CoinDesk was on the table.

Former NYSE-President Led Crypto Exchange Bought CoinDesk

According to WSJ, Tom Farley-led crypto exchange – Bullish has acquired a 100% stake in CoinDesk. Farley is the former President of the New York Stock Exchange (NYSE).

The detailed financial terms of the deals are not disclosed yet.

The FTX collapse’s contagion severely impacted the finances of DCG. Hence, it was considering the sale of CoinDesk since around January 2023. As per WSJ, DCG purchased CoinDesk for $500,000 in 2016.

Read more: ​​FTX Collapse Explained: How Sam Bankman-Fried’s Empire Fell

With Bullish’s CoinDesk acquisition, there is a belief that it may affect the editorial integrity of the publication. In fact, Jason Yanowitz, the founder of Blockworks, wrote:

“Today Bullish announced they’re buying CoinDesk. This is like Binance buying CoinDesk. Or Nasdaq buying the WSJ. Or BlackRock buying Bloomberg. It crushes the editorial integrity of the brand. I’d assume every reporter will leave within 6 months.”

Earlier this month, it was reported that another crypto media firm – The Block, sold most of its stake to Foresight Ventures.

Read more: How To Fund Innovation: A Guide to Web3 Grants

Do you have anything to say about the CoinDesk acquisition or anything else? Write to us or join the discussion on our Telegram channel. You can also catch us on TikTok, Facebook, or X (Twitter).

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In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content.

Harsh Notariya
Harsh started investing in crypto during the 2021 bull market. He took the opportunity of the market crash in May to learn more about Bitcoin and blockchain technology. Since then, he has helped metaverse projects build an engaging community and educate them on Web3. He has also helped Web3 creators write educational blogs around crypto.