Crypto media platform CoinDesk has been acquired by crypto exchange Bullish for an undisclosed sum, as reported by The Wall Street Journal (WSJ) on Nov. 20.
The crypto exchange, led by former New York Stock Exchange president Tom Farley, has acquired the media platform. Former Wall Street Journal editor-in-chief Matt Murray will chair an independent editorial committee, and the current CoinDesk editorial team will remain intact.
The report states that Bullish acquired the crypto media platform in an all-cash deal, though the terms of the deal were not disclosed. CoinDesk was purchased by Barry Silbert’s Digital Currency Group for $500,000 in 2016 and has been in acquisition talks amid DCG’s financial crunch following a severe crypto winter. CoinDesk is reported to generate an annual revenue of $50 million.
In July, a group of investors led by Matthew Roszak attempted to purchase CoinDesk for $125 million, but the deal did not materialize.
CoinDesk is not the only crypto media company to have struggled during the bear market. The Block also had to cut ties with its original founders after links with FTX surfaced. The crypto news platform sold a majority of its stake to Singapore-based venture capital firm Foresight Ventures at a $70 million valuation, which bought an 80% stake for $60 million.
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