Barry Silbert sells CoinDesk to NYSE ex-CEO Tom Farley

The takeover, completed as an all-cash transaction, sees Bullish taking 100% ownership of the company, though the specifics of the financial arrangement remain undisclosed.

This acquisition comes at a time when CoinDesk’s parent company, Digital Currency Group, grapples with financial challenges intensified by the broader industry’s downturn, often referred to as the ‘crypto winter.’ Despite the sector’s struggles, CoinDesk is reportedly generating $50 million in annual revenue.

The deal ensures that the current editorial team at CoinDesk will continue their roles. However, Matt Murray, the former Editor-in-Chief of The Wall Street Journal, will chair an independent editorial committee. Murray brings a wealth of experience, having led The Wall Street Journal’s 1,300-person newsroom and serving in senior roles over a 15-year period.

“We are thrilled to partner with Bullish and begin the next phase of CoinDesk’s growth. With renewed momentum in the crypto economy as well as investment from Bullish, we look forward to capitalizing on the many opportunities ahead for product development and expansion. I will always be grateful to Barry for taking a risk on CoinDesk and having the faith in me and our team to build a meaningful and everlasting business that will continue to support the future of digital assets,” said Kevin Worth, CEO of CoinDesk.

“I’m incredibly proud of CoinDesk’s growth and development over the last seven years, having transformed itself from a small blog about bitcoin into an award-winning media and events company and the most trusted information platform for digital assets,” said Barry Silbert, Founder & CEO of Digital Currency Group.

Earlier this year, CoinDesk was the subject of a failed acquisition bid by a consortium led by investor Matthew Roszak, which valued the company at $125 million.

Also in March, Binance CEO Changpeng ‘CZ’ Zhao denied media reports that he plans to acquire the publication through CoinMarketCap subsidiary. Binance stirred similar controversy in 2020 when it acquired CoinMarketCap.com, the industry’s go-to aggregator of cryptocurrency data in a deal reported to be worth around $400 million.

CoinDesk Inc hired investment bank Lazard Ltd in January to explore a full or partial sale of its business, meaning that DCG was seeking not to lose complete ownership of the company.

CoinDesk, which launched in 2013, was acquired by Barry Silbert in 2016 for $500,000. Its parent Digital Currency Group, the struggling crypto empire whose lending unit filed for bankruptcy, reported a $1.1 billion loss for the 2022 financial year.

CoinDesk’s journey through the acquisition mirrors the industry’s broader narrative, as other crypto media companies like The Block have also undergone ownership changes. The Block parted ways with its founding members following revelations of connections with the now-defunct exchange FTX and was later valued at $70 million during its majority stake sale to Foresight Ventures.