Tom Farley’s Bullish Completes CoinDesk Acquisition
According to a Wall Street Journal report released on Monday, Bullish acquired 100% of CoinDesk stock from its parent company Digital Currency Group (DCG) in an all-cash deal. The exact value of the acquisition was not disclosed.
The cryptocurrency media site will now run as an independent entity owned by Bullish, with the current management team of CoinDesk remaining unchanged. However, a new editorial committee will be created and spearheaded by former Wall Street Journal Editor-in-chief Matt Murray.
CoinDesk found itself in trouble last year, and Genesis, one of DCG’s subsidiaries, filed for bankruptcy. This led to signs of distress at CoinDesk, which hired an advisor from Lazard Group.
Per a statement from CoinDesk’s CEO Kevin Worth, the firm received multiple indications of interest, prompting the consideration of various growth capital options, including a partial or full sale, which has now led to the acquisition.
Cardano Founder and the Failed Deal
Cardano Founder Charles Hoskinson previously expressed interest in the CoinDesk acquisition deal, envisioning an overhaul of the firm into a mix of a news and community site. He found the $200 million asking price a bit overpriced, leading to the deal not pulling through.
CoinDesk played a pivotal role in exposing illicit activities between FTX and its sister trading firm, Alameda Research, showcasing its impact on the industry.
Hot Take: Bullish Takes Full Control of CoinDesk in Major Acquisition
The acquisition of CoinDesk by Bullish marks a significant shift for the popular cryptocurrency media site. With new editorial leadership and ownership, the future of CoinDesk could bring fresh perspectives and potential growth in a changing crypto landscape.
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