Bullish Completes Acquisition of CoinDesk, Signals Confidence in Crypto Rebound
Crypto News – In a recent development, Bullish, a prominent cryptocurrency exchange, has successfully acquired the widely recognized crypto news website, CoinDesk. The acquisition was reported by the Wall Street Journal on Monday, although specific financial details of the transaction remain undisclosed.
The acquisition is particularly noteworthy as it was an all-cash deal led by Bullish, under the leadership of former New York Stock Exchange (NYSE) President, Thomas Farley. This marks a significant transition as Bullish takes over from crypto investor Digital Currency Group, which had acquired CoinDesk back in 2016 for a reported sum of $500,000.
Notably, CoinDesk’s existing management team, led by Kevin Worth, will remain intact. Moreover, CoinDesk is set to operate as an independent subsidiary under the Bullish umbrella.
In an interview, Thomas Farley expressed his confidence in the digital asset industry, emphasizing that a rebound is already underway. Farley also highlighted the value of some of CoinDesk’s products and services, particularly during a crypto bull run.
According to the report, CoinDesk boasted a robust financial performance in 2022, generating $50 million in revenue through its diversified lines of business, which include media, events, and indexes.
Looking ahead, Thomas Farley envisions leveraging Bullish’s established presence in Hong Kong and Singapore to enhance CoinDesk’s footprint in the Asian market. He affirmed Bullish’s commitment to investing substantially in CoinDesk’s growth.
In a bid to maintain editorial independence, CoinDesk will establish an editorial committee following the acquisition. Heading this committee will be former Wall Street Journal Editor-in-Chief, Matt Murray, ensuring a commitment to journalistic integrity.
It’s worth noting that Bullish has expressed interest in acquiring the defunct crypto exchange FTX and reviving its operations. The U.S. Securities and Exchange Commission has signaled its support for a reimagined FTX, provided that all operations remain compliant with the law.
This strategic acquisition by Bullish underscores the evolving landscape of the cryptocurrency industry and its growing integration with established financial entities.