Key Points:
- Media site Coindesk acquisition has now been completed by Bullish, led by ex-NYSE President Tom Farley.
- CoinDesk maintains leadership under CEO Kevin Worth within Bullish; former WSJ editor-in-chief Matt Murray chairs an editorial committee for independence.
- Bullish also bid for FTX assets and canceled a $9 billion IPO.
Bullish, the cryptocurrency exchange helmed by former New York Stock Exchange President Tom Farley, has successfully acquired CoinDesk, a crypto-focused media company, in an all-cash transaction, as reported by the Wall Street Journal.
Bullish Expands Crypto Empire with Media Site CoinDesk Acquisition
Media site Coindesk acquisition also includes Bullish’s involvement in the acquisition of FTX 2.0. Former Wall Street Journal editor-in-chief Matt Murray is set to serve as the chairman of CoinDesk’s independent editorial board, ensuring the media outlet’s editorial autonomy.
The financial details of the media site Coindesk acquisition remain undisclosed, but it marks a significant development since Digital Currency Group, CoinDesk’s parent company, acquired it in 2016 for $500,000.
CoinDesk, known for breaking news about Sam Bankman-Fried’s crypto empire, will maintain its current management team, led by CEO Kevin Worth. The publication will operate as an independent subsidiary within Bullish, with plans to launch an editorial committee to safeguard journalistic independence.
CoinDesk Secures Editorial Independence Under Bullish Leadership
Launched in November 2021, Bullish is supported by notable investors, including Peter Thiel’s Founders Fund and hedge-fund manager Louis Bacon. Farley, its CEO and former NYSE president, steered the acquisition as Bullish continues to position itself in the cryptocurrency market. Last year, Bullish canceled a $9 billion public offering via a merger with a blank-check company.
Bullish is also among the bidders for the remaining assets of FTX, contributing to the conclusion of the collapsed crypto exchange’s auction. The winning bidder could potentially revive the exchange after its planned exit from bankruptcy next year.
CoinDesk, a leading digital media, events, and information services company for the crypto and blockchain community, generated $50 million in revenue last year, emphasizing its significant role in the industry’s communication and education.
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