Bullish has reached an agreement to acquire crypto news site CoinDesk from the struggling cryptocurrency company Digital Currency Group in 2023.
Bullish exchange acquired crypto news site CoinDesk
According to the Wall Street Journal , crypto news site CoinDesk has found a new owner, which is the cryptocurrency exchange Bullish.
Initial information revealed showed that Bullish would acquire 100% of CoinDesk's shares, but it was unclear at what number the news site would be valued.
WSJ News Exclusive: Bullish, the crypto exchange run by former New York Stock Exchange President Tom Farley, said Monday that it has acquired crypto-focused media company CoinDesk https://t.co/6KCPMgVxY0 https://t.co/6KCPMgVxY0
— The Wall Street Journal (@WSJ) November 20, 2023
CoinDesk is one of the oldest and most reputable media outlets in the cryptocurrency market, owned by Digital Currency Group (DCG) since 2015.
In the period from mid-2022 - first half of 2023, the crypto market continuously witnessed serious collapses, from LUNA-UST , lending organizations and funds Three Arrows Capital - Celsius - Voyager and finally FTX exchange. , the operations of Digital Currency Group and its subsidiary Genesis were seriously affected, leading Genesis to declare bankruptcy earlier this year.
Next, internal disputes over assets continued to arise between DCG and Genesis, as well as revealing overlapping internal transactions, leading to Genesis suing the parent company to claim money. Digital Currency Group itself and founder Barry Silbert were also sued by Gemini exchange for alleged fraud, leading to Genesis's bankruptcy. All three organizations are currently under investigation by New York state authorities .
Faced with a difficult situation, Digital Currency Group has offered to sell CoinDesk since early 2023 , receiving a lot of attention but most of it failed because of the high valuation the company gave to CoinDesk. By August, the news site was forced to cut its press department by half to tighten its belt.
Bullish is under the management of Mr. Tom Farley, former Chairman of the New York Stock Exchange (NYSE). Bullish was founded in 2021 and Capital by Block.one, the company behind the EOS cryptocurrency project. The exchange had planned to IPO in the US at the end of 2021, but that plan failed.
Bullish is also one of the names rumored to be negotiating to buy FTX .
It is worth mentioning that CoinDesk is the news site that exposed the balance sheet of Alameda Research in early November, showing that the fund's assets were mostly liquidation FTT Token , and leading to the collapse of FTX and Alameda then 9 days.
In early November, another crypto news site, The Block , also changed hands , being acquired by Foresight Ventures for $70 million to shed its association with former CEO Mike McCaffrey, who was revealed to have used borrowed money. from FTX - Alameda for The Block development and personal spending.
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