Bullish, a crypto exchange led by former New York Stock Exchange president Tom Farley, has acquired the influential cryptocurrency media company CoinDesk from Digital Currency Group (DCG) for an undisclosed sum.
CoinDesk gained attention in November 2022 when it published a revealing article about the financial entanglements of Sam Bankman-Fried's Alameda Research and FTX, leading to a domino effect that saw FTX filing for bankruptcy.
DCG is a prominent name in the crypto world, owning entities like Grayscale Investments and the Genesis lending platform.
Recently, DCG has been grappling with a series of financial challenges, including a legal dispute involving its US$13.5 billion Grayscale Bitcoin Trust (GBTC) and a suspension of dividend payments to shareholders amid market pressures.
Under the new ownership, CoinDesk will continue to operate independently within Bullish.
Kevin Worth, CoinDesk's chief executive, will lead the current management team, ensuring continuity in its operations, while an editorial committee chaired by former Wall Street Journal editor-in-chief Matt Murray will also be established.
“This last year has been a difficult period for our industry. It has reminded us all that trust is an absolute essential ingredient for the future of digital assets,” said Worth. “CoinDesk will continue our proud independent tradition with Matt's guidance.”
Barry Silbert, founder and chief executive of DCG, said he was “incredibly proud of CoinDesk’s growth and development over the last seven years”.