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Cryptocurrency exchange Bullish announced it acquired a 100% stake in the crypto media site CoinDesk. According to the Wall Street Journal, Bullish purchased CoinDesk from Digital Currency Group (DCG) for an undisclosed sum.
According to reports by the Wall Street Journal, Bullish, a crypto exchange led by former New York Stock Exchange (NYSE) President Tom Farley, acquired CoinDesk from Digital Currency Group (DCG). The financial terms of the deal have not yet been disclosed.
WSJ Editor-In-Chief to Chair Independent Editorial Committee, Current Editorial Team Will Remain
In a press release, Bullish announced that it acquired the media platform and plans to invest in CoinDesk’s “global expansion and the growth of the media, events, and indexing businesses.”
.@BarrySilbert & @DCGco acquired @CoinDesk in 2016 with the belief that our industry needed a leading independent media company. We are proud to have supported its transformation into an award-winning brand, and thrilled for its future with @Bullish https://t.co/nl5eQ31azL pic.twitter.com/og8rhxQZkX
— Digital Currency Group (@DCGco) November 20, 2023
While the transaction terms were not disclosed, Bullish did note former WSJ editor-in-chief Matt Murray will chair an independent editorial committee, adding CoinDesk’s current editorial team will remain the same. The exchange confirmed that Kevin Worth, CoinDesk’s CEO and the existing management team, will continue to lead the platform and operate it as an independent subsidiary within Bullish.
Tom Farley, Bullish CEO, commented on the acquisition:
“With its acclaimed editorial coverage, premier events and market-leading data and indices, CoinDesk continues to shape the global crypto and blockchain ecosystem.
Bullish will immediately inject capital into several of CoinDesk’s most exciting growth initiatives which will power the launch of new services, events and products. We also want to express our unwavering support for CoinDesk’s commitment to journalistic independence.”
Kevin Worth had this to say:
“We are thrilled to partner with Bullish and begin the next phase of CoinDesk’s growth.
With renewed momentum in the crypto economy as well as investment from Bullish, we look forward to capitalizing on the many opportunities ahead for product development and expansion. I will always be grateful to Barry for taking a risk on CoinDesk and having the faith in me and our team to build a meaningful and everlasting business that will continue to support the future of digital assets.”
DCG’s Barry Silbert Comments
DCG acquired CoinDesk in 2016 for a mere $500,000. Since its purchase seven years ago, CoinDesk emerged as a leading media platform.
DCG CEO Barry Silbert took to social media platform X (formerly Twitter) to wish the endeavour well.
“I’m incredibly proud of CoinDesk’s growth and development over the last seven years, having transformed itself from a small blog about bitcoin into an award-winning media and events company and the most trusted information platform for digital assets.
The team has built a multi-faceted global business with tremendous future potential and we look forward to watching them take CoinDesk to the next level in partnership with Bullish.”
Rumours about a possible sale of CoinDesk had recently circulated under media after the platform cut 45% of its editorial staff.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.