{"id":87284,"date":"2023-11-20T19:52:35","date_gmt":"2023-11-20T17:52:35","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=87284"},"modified":"2025-09-13T10:50:22","modified_gmt":"2025-09-13T07:50:22","slug":"bullish-completes-acquisition-of-coindesk","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/bullish-completes-acquisition-of-coindesk\/","title":{"rendered":"Bullish completes acquisition of CoinDesk"},"content":{"rendered":"<p>The cryptocurrency exchange Bullish, affiliated with the EOS project and Block.one, has completed the acquisition of CoinDesk, a media outlet focused on the crypto industry.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Bullish has acquired <a href=\"https:\/\/twitter.com\/CoinDesk?ref_src=twsrc%5Etfw\">@CoinDesk<\/a>, which will operate as an independent subsidiary and retain editorial independence. Bullish will immediately inject capital into several of CoinDesk\u2019s most exciting growth initiatives which will power the launch of new services, events and products.\u2026 <a href=\"https:\/\/t.co\/vGIUXI9Jy3\">pic.twitter.com\/vGIUXI9Jy3<\/a><\/p>\n<p>\u2014 Bullish (@Bullish) <a href=\"https:\/\/twitter.com\/Bullish\/status\/1726595650740175172?ref_src=twsrc%5Etfw\">November 20, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cBullish will immediately inject capital into several of CoinDesk\u2019s 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\u2019s journalistic independence,\u201d the statement said.<\/p>\n<\/blockquote>\n<p>Led by former president of the <span data-descr=\"New York Stock Exchange\" class=\"old_tooltip\">NYSE<\/span>, Tom Farley, Bullish acquired 100% of CoinDesk from the Digital Currency Group (DCG). Financial terms were not disclosed.<\/p>\n<p>According to the press release, CoinDesk will operate as an independent subsidiary of the exchange. The plan also calls for the formation of an editorial committee chaired by former The Wall Street Journal editor-in-chief Matt Murray. The current CoinDesk management team will remain unchanged.<\/p>\n<p>Barry Silbert, founder of DCG, said that he looked forward to seeing how Bullish would take CoinDesk to the next level.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">2\/ I\u2019m incredibly proud of CoinDesk\u2019s growth &amp; development over the last seven years and its transformation into an award-winning media &amp; events company and the most trusted information platform for digital assets<\/p>\n<p>We look forward to seeing Bullish take CoinDesk to the next level<\/p>\n<p>\u2014 Barry Silbert (@BarrySilbert) <a href=\"https:\/\/twitter.com\/BarrySilbert\/status\/1726602163772911985?ref_src=twsrc%5Etfw\">November 20, 2023<\/a><\/p><\/blockquote>\n<p> <script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>In January 2016, DCG announced the acquisition of CoinDesk. However, in the summer of 2022 it became known about financial problems at another subsidiary of the group \u2014 Genesis Global Capital. Support for the lending business of the group was needed after the collapse of the cryptocurrency hedge fund <span class=\"old_tooltip\" data-descr=\"Three Arrows Capital\">Three Arrows Capital<\/span>.<\/p>\n<p>In November, the OTC platform <span class=\"old_tooltip\" data-descr=\"a cryptocurrency exchange\" >froze withdrawals<\/span> and the issuance of new loans. The firm cited &#8220;heightened client demand&#8221; following the collapse of FTX.<\/p>\n<p>In January 2023, Genesis Global Holdco and its subsidiaries Genesis Asia Pacific and Genesis Global Capital <span class=\"old_tooltip\" data-descr=\"filed for bankruptcy\">filed for bankruptcy<\/span>. According to media reports, their liabilities <span class=\"old_tooltip\" data-descr=\"exceed $3 billion\">exceeded $3 billion<\/span>.<\/p>\n<p>Against this backdrop, sources cited by WSJ reported <span class=\"old_tooltip\" data-descr=\"that DCG planned to sell CoinDesk\">that DCG planned to sell CoinDesk<\/span> with a valuation of about $125 million, partially or fully. Then DCG CEO Kevin Worth said that in recent months the company had received &#8220;numerous signals of interest&#8221; from potential buyers. The upper end of bids allegedly reached $200 million.<\/p>\n<p>Specifically, MarsBit founder Van Feng and Cardano founder Charles Hoskinson signaled possible involvement in the deal.<\/p>\n<p>In July, reporters wrote that a group of investors was in the final stages of negotiations to purchase CoinDesk. A month later the publication cut its editorial staff by 45% \u2014 about 20 people.<\/p>\n<p>Bullish launched in November 2021. Block.one invested $10 billion in the platform. The exchange was also backed by Thiel Capital and Founders Fund of Peter Thiel, Galaxy Digital, Nomura, billionaire Alan Howard and others.\u00a0<\/p>\n<p>Recall that in July 2022, Bullish laid off nearly 30 employees (~10% of the staff). A few months later the company terminated its deal to reverse-merge with SPAC Far Peak Acquisition \u2014 previously it had intended to list on the NYSE.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bullish has completed the acquisition of CoinDesk, a crypto-focused publication.<\/p>\n","protected":false},"author":1,"featured_media":87285,"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":[1850,1735,83,183,1235],"class_list":["post-87284","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-block-one","tag-bullish","tag-business","tag-coindesk","tag-mergers-and-acquisitions"],"aioseo_notices":[],"amp_enabled":true,"views":"73","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87284","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=87284"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87284\/revisions"}],"predecessor-version":[{"id":87286,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/87284\/revisions\/87286"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/87285"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=87284"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=87284"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=87284"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}