Gemini

Ethereum

Cardano

Read

Raise

<ol> 
 <li>A group of investors are finalizing a deal to acquire CoinDesk for $125 million.</li> 
 <li>CoinDesk’s management will remain in place if the deal pushes through.</li> 
 <li>The current owner acquired CoinDesk in 2016 for just $500,000.</li> 
</ol> 
A group of investors is in the final stages of sealing a deal for cryptocurrency-focused media company CoinDesk, according to sources from The Wall Street Journal.&nbsp; 
The investor group is led by Matthew Roszak of Tally Capital, a private investment firm focused on crypto and blockchain-based technologies, and Peter Vessenes of Capital6, a venture-capital firm and family office, as reported by the news outlet. 
The transaction, as disclosed by The Wall Street Journal, would have an enterprise value of about $125 million. CoinDesk’s parent company, Digital Currency Group or DCG, is expected to retain a stake in the media, events, data, and indexes business as part of the deal.&nbsp; 
The acquisition, set to be finalized in the next few weeks, will see CoinDesk’s current management remaining in place, providing continuity in the company’s operations, The Wall Street Journal reports. 
Earlier this year, the same news outlet reported that CoinDesk had enlisted the services of investment bankers at Lazard to explore various options, including a partial or full sale. During that period, DCG received unsolicited offers exceeding $200 million from interested parties. 
It’s worth noting that DCG initially acquired CoinDesk in 2016 at a significantly lower price of $500,000. However, the media company experienced substantial growth and generated an impressive $50 million in revenue last year. This income resulted from its flourishing online advertising initiatives and the success of its index and events business. 
The acquisition deal arrives at a critical juncture for DCG, which has faced challenges due to the bankruptcy of its lending arm, Genesis Global Capital. Additionally, the closure of its institutional-trading platform, TradeBlock, and its wealth-management unit, HQ, have further compounded the company’s troubles. The cryptocurrency conglomerate has encountered difficulties following a series of notable bankruptcies in the industry and a decline in token prices during the previous year. 
DCG is currently entangled in a legal dispute with the Winklevoss brothers’ Gemini Trust Company, which alleges that DCG concealed significant losses incurred by Genesis after a default from one of its major borrowers, crypto hedge fund Three Arrows Capital, in the spring of 2022. 
<h4 class="wp-block-heading" id="h-read-also">Read Also :</h4> 
<ul class="wp-block-yoast-seo-related-links"> 
 <li><a href="https://cryptonewsland.com/cardano-founder-suggests-buying-coindesk-news-site/" rel="noopener noreferrer nofollow">Cardano Founder Suggests Buying CoinDesk News Site</a></li> 
 <li><a href="https://cryptonewsland.com/report-doj-and-sec-investigating-dcg-crypto-conglomerate/" rel="noopener noreferrer nofollow">Report: DOJ and SEC Investigating DCG Crypto Conglomerate</a></li> 
 <li><a href="https://cryptonewsland.com/ethereum-is-owned-by-this-wall-street-giant-politician/" rel="noopener noreferrer nofollow">Ethereum Is Owned by This Wall Street Giant: Politician</a></li> 
 <li><a href="https://cryptonewsland.com/dcg-sells-grayscale-shares-to-raise-funds-ft/" rel="noopener noreferrer nofollow">DCG Sells Grayscale Shares to Raise Funds: FT</a></li> 
 <li><a href="https://cryptonewsland.com/tradeblock-shuts-down-operations-to-cease-on-may-31/" rel="noopener noreferrer nofollow">TradeBlock Shuts Down, Operations To Cease on May 31</a></li> 
</ul> 
The post <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com/investors-are-finalizing-to-buy-coindesk-for-125m-wsj/">Investors Are Finalizing to Buy CoinDesk for $125M: WSJ</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://cryptonewsland.com">Crypto News Land</a>.

Investors Are Finalizing to Buy CoinDesk for $125M: WSJ

Crypto News Land

Other articles published on Jul 21, 2023

US Couple Accused of Laundering Crypto from Bitfinex Hack Reach Plea Deal

DigiToads Presale Breaks Past $6 Million As Ripple’s Victory Over The SEC Triggers a Surge In XRP

DOGE’s Price Up 2+% After Elon Musk Makes Hype Post On Twitter

Unstoppable Domains and Ethereum Name Service (ENS) Unite to Empower Web3 Decentralized Domains

Mintscan Upgrades to Mintscan 2.0 in a New Development

FTX’s former CEO SBF allegedly leaked ex-lover’s diary

Join our free newsletter for daily crypto updates!