invezz.com
Bullish – a crypto exchange that has Tom Farley (former president of the NYSE) at the helm has bought CoinDesk for an undisclosed amount.
CoinDesk had been looking for a potential suitor
Owler estimates the annual revenue of CoinDesk at up to $100 million versus $0.5 million that Digital Currency Group paid to acquire the crypto-focused media company in 2016.
While Bullish did not reveal the financial details of the all-cash transaction it announced this morning, its CEO Tom Farley did say in a statement:
Bullish will immediately inject capital into several of CoinDesk’s most exciting growth initiatives which will power the launch of new services, events, and products.
The news arrives months after CoinDesk lowered its editorial headcount by a whopping 45% as it continued to look for a potential suitor.
CoinDesk will retain editorial independence
Kevin Worth – the current Chief Executive of CoinDesk will remain at the helm as the media outlet transitions into a subsidiary of Bullish.
The crypto exchange will also set up an editorial committee to maintain editorial independence of the media outlet. Matt Murray who has previously served as the Editor-in-Chief at the Wall Street Journal will reportedly chair that committee.
Earlier this year, Bullish came out as one of the bidders for the now defunct FTX exchange as well. The regulated crypto exchange is backed by notable names, including the billionaire entrepreneur Peter Thiel.
CoinDesk is yet to officially comment on the Bullish news on Monday.
The post Bullish just bought CoinDesk for an undisclosed amount appeared first on Invezz