The Wall Street Journal (WSJ) recently revealed that the cryptocurrency publication CoinDesk has been acquired by the crypto exchange Bullish.
The parent company of CoinDesk, Digital Currency Group (DCG), has faced financial challenges following the collapse of FTX, prompting discussions about the potential sale of CoinDesk.
According to the WSJ, Bullish, led by Tom Farley, former President of the New York Stock Exchange (NYSE), has secured a 100% stake in CoinDesk. The specific financial details of the acquisition have not been disclosed at this time.
DCG had been contemplating the sale of CoinDesk since approximately January 2023 due to the financial repercussions of the FTX collapse. Notably, DCG had purchased CoinDesk for $500,000 in 2016, according to the WSJ.
The acquisition by Bullish has raised concerns about the potential impact on the editorial integrity of CoinDesk. Jason Yanowitz expressed his apprehension, stating, “Today Bullish announced they’re buying CoinDesk.
This is like Binance buying CoinDesk. Or Nasdaq is buying the WSJ. Or BlackRock is buying Bloomberg. It crushes the editorial integrity of the brand. I’d assume every reporter will leave within 6 months.”
In a separate development earlier this month, another crypto media firm reportedly sold a significant portion of its stake to Foresight Ventures.
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