Bullish, the crypto exchange led by former New York Stock Exchange President Tom Farley, has made a significant announcement with the acquisition of CoinDesk, a prominent crypto-focused media company.
## CoinDesk Purchase Will Boost Bullish’ Crypto Media Presence
According to the Wall Street Journal, this acquisition is an all-cash deal, marking a new phase for CoinDesk, which was previously under Digital Currency Group after being acquired for $500,000 in 2016.
CoinDesk is known as one of the most influential crypto news media outlets. In 2022, the website broke the news of the internal finance of crypto news FTX, which subsequently led to a trust crisis and a bank run on the crypto exchange as users rushed to cash out their funds. The events surrounding FTX and its founder, Sam Bankman Fried, as well as the multibillion-dollar lawsuit against him, began at CoinDesk.
This acquisition comes as Bullish seeks to strengthen its position in the nascent industry. Tom Farley, the CEO of Bullish and former NYSE president, emphasized the potential rebound of the digital assets industry and the “solid business foundations” of CoinDesk’s products and services, as reported by the WSJ.
![BTC’s price trends to the upside on the daily chart. Source: BTCUSDT on Tradingview](https://www.tradingview.com/chart/?symbol=BINANCE%3ABTCUSDT)
## CoinDesk’s New Chapter Under Bullish: Independence And Expansion Plans
Under the new ownership, CoinDesk will continue to operate independently within Bullish, retaining its current management team, including CEO Kevin Worth. CoinDesk will establish an editorial committee to maintain journalistic independence, chaired by Matt Murray, the former editor-in-chief of The Wall Street Journal.
Bullish, which was launched in November 2021 and backed by investors like Peter Thiel’s Founders Fund and Louis Bacon, is now positioning itself in the bidding war for the remnants of the collapsed crypto exchange FTX, indicating ambitious expansion plans.
CoinDesk, with its diversified business lines in media, events, and indexes, reported $50 million in revenue last year. Farley’s vision for CoinDesk includes leveraging Bullish’s Asian connections to expand the conference business into new markets like Hong Kong and Singapore.
According to the WSJ, this move signifies Bullish’s commitment to investing heavily in CoinDesk’s growth, capitalizing on the anticipated upswing in the crypto sector. Farley stated: “We believe that there is a rebound of the digital assets industry that has already begun. Some of CoinDesk’s products and services are just darn good businesses that we want to own in a crypto bull run.”
This acquisition follows a tumultuous period for CoinDesk’s parent company, Digital Currency Group (DCG), which faced financial difficulties after FTX’s collapse, leading to the bankruptcy of its lending subsidiary Genesis Global Capital and the closure of other units.
The deal represents a strategic shift for CoinDesk, which had explored sale options with Lazard earlier this year and underwent a 16% staff reduction in August. This new chapter under Bullish’s wing could mark a significant turn in CoinDesk’s journey, redefining its role in the ever-evolving crypto media landscape.
Cover image from Unsplash, chart from Tradingview
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