Tom Farley, Former NYSE President, Completes Acquisition of Coindesk

Tom Farley, Former NYSE President, Completes Acquisition of Coindesk

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 digital currency media site will now run as an independent entity owned by Bullish, with the present management team of CoinDesk remaining unchanged. Nonetheless, a new editorial committee will be created and spearheaded by former Wall Street Journal Editor-in-chief Matt Murray.

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CoinDesk found itself in trouble a year ago, and Genesis, one of DCG’s subsidiaries, filed for bankruptcy. This led to indications of distress at CoinDesk, which hired an advisor from Lazard Group.

Per a statement from CoinDesk’s CEO Kevin Worth, the firm received multiple signs of interest, prompting the consideration of numerous growth financial resources alternatives, including a partial or full sale, which has now led to the acquisition.

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Cardano (ADA) Founder and the Failed Deal

Cardano (ADA) Founder Charles Hoskinson previously expressed interest in the CoinDesk acquisition deal, envisioning an overhaul of the firm into a combination 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.

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Hot Take: Bullish Takes Full Control of CoinDesk in Major Acquisition

The acquisition of CoinDesk by Bullish marks a whole lot of shift for our  trending digital currency media site. With new editorial leadership and ownership, future of the CoinDesk could bring fresh perspectives and probable growth in a changing cryptocurrency landscape.

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