CoinDesk CEO Kevin Worth Steps Down in Major Restructuring Led by Bullish
CoinDesk’s CEO Kevin Worth has resigned as part of a significant restructuring effort led by the crypto exchange Bullish, which recently acquired the media outlet. Bullish has appointed Sara Stratoberdha, who previously led business development for the exchange, as the new CEO of CoinDesk. Despite the change in ownership, CoinDesk will continue to operate independently under Bullish. The company is committed to maintaining its journalistic independence and integrity. Along with the CEO position, several other key members of CoinDesk’s leadership team will also be departing. The restructuring aims to streamline CoinDesk’s media, indices, and events businesses into a more efficient organizational structure.
Bullish’s Acquisition of CoinDesk
Last year, Bullish acquired CoinDesk in an undisclosed all-cash deal. The acquisition does not impact the management team of the crypto news site and CoinDesk will function as an independent subsidiary. The transfer of ownership occurred after a tumultuous period for CoinDesk and its former owner Digital Currency Group (DCG). A report by CoinDesk on FTX’s questionable balance sheet led to the sudden collapse of the cryptocurrency exchange. This collapse directly affected DCG, which had funds in FTX through its lending subsidiary Genesis. Both DCG and Genesis are facing a lawsuit from the New York Attorney General’s office for allegedly misleading investors.
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