- Crypto exchange Bullish acquired the popular crypto news website CoinDesk in an all-cash deal.
- Financial details of the deal were not revealed, but the current management team would remain.
- CoinDesk will run as an independent subsidiary within the crypto exchange.
Cryptocurrency exchange Bullish completed the purchase of the popular crypto news website CoinDesk on Monday, the Wall Street Journal reported. Financial details of the acquisition were not disclosed.
Importantly, Bullish, led by former New York Stock Exchange (NYSE) President Thomas Farley, acquired the news website in an all-cash deal. With the acquisition, Bullish takes the reins from crypto investor Digital Currency Group, which reportedly purchased the company in 2016 for $500,000.
Per the report, the Kevin Worth-led management team at CoinDesk will remain. Furthermore, the crypto site will run as an independent subsidiary within Bullish.
“We believe that there is a rebound in the digital asset industry that has already begun,” Farley said in an interview. Moreover, Farley claimed that some of CoinDesk’s products and services were “good business” and that he would want to own them in a crypto bull run.
The report stated that CoinDesk, in 2022, generated $50 million in revenue from its three lines of business: media, events, and indexes.
According to Farley, CoinDesk could leverage Bullish’s deep roots in Hong Kong and Singapore to increase its presence in the Asian market. He added that the crypto exchange is “willing to invest a lot of money” in CoinDesk’s growth.
Following the acquisition, WSJ added that CoinDesk would form an editorial committee to maintain journalistic independence. Furthermore, a former Wall Street Journal Editor-in-Chief Matt Murray, will lead this editorial committee.
Bullish is one of the companies looking to buy the defunct crypto exchange FTX and relaunch its operations. The U.S. Securities and Exchange Commission has already assured that a rebooted FTX could work, so long as operations are kept within the law.
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