Digital Assets: Bullish, The Crypto Exchange, Snaps Up CoinDesk
CoinDesk will continue to be led by Kevin Worth and the existing management team and operate as an independent subsidiary within Bullish.
Bullish, the rapidly growing institutional digital assets exchange led by Tom Farley, has acquired CoinDesk, a prominent media, events, and index platform focused on crypto assets, from Digital Currency Group (DGC). The acquisition aims to support CoinDesk’s global expansion and the growth of its various businesses. However, the financial terms of the acquisition were not disclosed.
The collaboration seeks to capitalize on the opportunities in the crypto economy and drive product development and expansion. CoinDesk will continue to operate independently under the leadership of Kevin Worth and its existing management team. (Businesswire)
DGC, the parent company of CoinDesk, acquired the company in 2016 for $500,000.
Tom Farley, CEO of Bullish affirmed plans to inject capital into CoinDesk’s growth initiatives, facilitating the launch of new services, events, and products. He also pledged support to CoinDesk’s commitment to journalistic independence. It may be recalled that CoinDesk’s revelations about FTX and Sam Bankman-Fried ultimately brought about their downfall; this, despite its adverse fallout on DGC’s already troubled financial condition. For this expose, CoinDesk journalists won the prestigious Gerald Loeb Award and the George Polk Award in 2023.
According to Kevin Worth, CEO of CoinDesk, the recent upward movement in the crypto markets, paired with the investment from Bullish, raised the prospect of new opportunities for product development and expansion of the company’s business.
CoinDesk also announced the formation of an Editorial Committee, chaired by Matt Murray, former Editor-in-Chief of The Wall Street Journal, to ensure journalistic independence. This move reflects the commitment to maintaining trust in the digital assets industry.
In business updates, Bullish has achieved significant trading volume since its launch in November 2021, consistently ranking among the top global exchanges for Bitcoin and Ether. Backed by renowned investors including Peter Thiel’s Founders Fund and hedge-fund manager Louis Bacon, Bullish plans to expand its offerings with the introduction of perpetual futures trading on its regulated exchange.
CoinDesk’s indices and media services have garnered recognition, with CDI being named the “Best Cryptocurrency Index Provider.” The collaborative efforts aim to leverage each other’s strengths for continued success in the evolving landscape of digital assets.
Related Story: CoinDesk May Change Hands At $125M
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