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
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