{"id":82013,"date":"2023-07-21T13:22:32","date_gmt":"2023-07-21T10:22:32","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=82013"},"modified":"2025-09-12T02:31:42","modified_gmt":"2025-09-11T23:31:42","slug":"journalists-report-forthcoming-sale-of-coindesk","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/journalists-report-forthcoming-sale-of-coindesk\/","title":{"rendered":"Journalists report forthcoming sale of CoinDesk"},"content":{"rendered":"

A group of investors is in the final stages of negotiations to buy the crypto-focused publication CoinDesk, valued at $125 million. The Wall Street Journal<\/a>, citing informed sources, reports this.<\/p>\n

The amount of the investment is not disclosed.<\/p>\n

The syndicate is led by Matthew Rozak of Tally Capital and Peter Vessenes of Capital 6.<\/p>\n

In January, WSJ reported that the parent Digital Currency Group (DCG) is considering the possibility<\/a> of selling part or 100% of CoinDesk, which joined the group in 2016 after a purchase for $500,000\u2013$600,000.<\/p>\n

It was reported that the upper bound of bids stood at $200 million. In 2022, the outlet reportedly generated revenue of $50 million.<\/p>\n

The potential deal could ease DCG’s difficult position. On May 22, the holding missed a $630 million payment<\/a> to compensate Gemini Earn users.<\/p>\n

Earlier, Digital Currency Group, its subsidiary Genesis, the creditors committee of the crypto-lending platform, and Gemini agreed<\/a> to launch a 30-day pre-litigation settlement process.<\/p>\n

The parties are seeking an acceptable resolution to the February 2023 Genesis’ agreement with creditors<\/a>, under which creditors would recover 80% of the lost funds. The arrangements envisaged a gradual write-down of Genesis’s loan portfolio and the sale of insolvent entities.<\/p>\n

Financial support<\/a> for the group’s lending business was needed after the June 2022 bankruptcy of the cryptocurrency Three Arrows Capital hedge fund<\/a>.<\/p>\n

On November 6, 2022, Genesis Global Capital froze withdrawals<\/a> and the issuance of new loans. The firm cited heightened client withdrawals following the FTX collapse<\/a>.<\/p>\n

In January 2023, Genesis Global Holdco and its subsidiaries Genesis Asia Pacific and Genesis Global Capital filed for bankruptcy<\/a>. According to the press, their liabilities exceed $3 billion<\/a>.<\/p>\n

Earlier, on May 31, it was reported that DCG’s institutional-investor-focused trading platform TradeBlock was winding down operations<\/a>.<\/p>\n

The decision comes four months after the closure<\/a> of HQ Digital, the group’s asset-management subsidiary.<\/p>\n","protected":false},"excerpt":{"rendered":"

A group of investors is in the final stages of negotiations to buy the crypto-focused publication CoinDesk, valued at $125 million.<\/p>\n","protected":false},"author":1,"featured_media":82014,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,183,184],"class_list":["post-82013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-coindesk","tag-dcg"],"aioseo_notices":[],"amp_enabled":true,"views":"29","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/82013","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=82013"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/82013\/revisions"}],"predecessor-version":[{"id":82015,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/82013\/revisions\/82015"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/82014"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=82013"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=82013"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=82013"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}