Digital Assets: CoinDesk May Change Hands At $125M

July 21, 2023 | Digital Assets, News

The Wall Street Journal broke this story on CoinDesk.

A group of investors, led by Matthew Roszak of Tally Capital and Peter Vessenes of Capital6, is finalizing a deal to acquire CoinDesk, a media company focused on cryptocurrency. The enterprise value of the transaction is approximately $125 million. CoinDesk’s parent company, Digital Currency Group (DCG), is expected to retain a stake in the media, events, data, and indexes business as part of the deal. CoinDesk’s current management is also expected to remain in place.

DCG had previously explored options, including a partial or full sale of CoinDesk, with unsolicited offers exceeding $200 million. CoinDesk generated $50 million in revenue last year from online advertising, index services, and events. (Wall Street Journal)

The deal comes at a challenging time for DCG, as its lending arm, Genesis Global Capital, faced bankruptcy, and its institutional-trading platform TradeBlock and wealth-management unit HQ closed. DCG has been dealing with the aftermath of high-profile industry bankruptcies and a decline in token prices.

Bitcoin and major cryptocurrencies have seen a rebound in prices this year, driven partly by increased investor risk appetite. However, regulatory scrutiny of the crypto industry has also intensified, with the Securities and Exchange Commission suing exchanges Binance and Coinbase (NASDAQ: COIN), as well as taking legal action against DCG’s Genesis and Gemini over an alleged $900 million crypto-lending program violation of investor-protection laws.

Related Story:  Binance Yesterday. Coinbase Today. SEC On The Warpath.

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Artificial Intelligence: AMD Takes On Rivals In The AI Chip Sweepstakes
December 7, 2023     Artificial Intelligence, News

Chipmaker AMD (NASDAQ: AMD) has unveiled a range of innovative AI solutions spanning from data centers to personal computers. The AMD Instinct MI300 Series features data center AI accelerators, while…
Digital Assets: Robinhood Debuts Crypto Trading On Its App In The EU
December 7, 2023     Digital Assets, FinTech, News

Robinhood (NASDAQ: HOOD) has launched its Crypto app in the European Union (EU), allowing eligible customers to engage in crypto trading with the added incentive of earning Bitcoin rewards. Customers…
FinTech: Samsung Electronics Ties With Mastercard’s Wallet Express
December 7, 2023     FinTech, News

Samsung Electronics (KRX: 005930) and Mastercard (NYSE: MA) have partnered to launch the Wallet Express program, offering banks and card issuers a cost-effective way to expand digital wallet offerings. Through…
Venture Capital: Revaia, Europe’s Biggest Female-Led VC Firm, Racks Up $160M For Second Fund
December 7, 2023     ESG and Sustainability, News, Venture Capital

Revaia, Europe’s largest female-founded venture capital firm, has successfully raised €150 million ($160 million) for its second fund, Revaia Growth II. The funding was secured from sovereign wealth funds, family…