CoinDesk Media Site Acquired by Crypto Exchange Bullish – Here’s the Latest
Crypto media website CoinDesk has just been acquired by cryptocurrency exchange Bullish in an undisclosed all cash deal, the Wall Street Journal reported on Monday.
Bullish, which is run by former New York Stock Exchange (NYSE) President Tom Farley, said that the acquisition won’t impact the crypto news site’s current management team and that the news site will operate as an independent subsidiary.
“With its acclaimed editorial coverage, premier events and market-leading data and indices, CoinDesk continues to shape the global crypto and blockchain ecosystem,” Bullish CEO Tom Farley says in a statement.
“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.”
CoinDesk’s transfer of ownership comes after a tumultuous period for the company and its former owner Digital Currency Group (DCG).
An award-winning report by CoinDesk just over one year ago on FTX’s questionable balance sheet was the catalyst for the cryptocurrency exchange’s sudden demise.
But this demise had a direct impact on DCG, who had funds in FTX via its lending subsidiary Genesis.
DCG and Genesis both face a lawsuit from the New York Attorney General’s office over allegedly misleading investors.
Struggles at DCG led to it beginning to court potential buyers for CoinDesk back in January, and to CoinDesk having to lay off 16% of its workforce in August.
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