By
Godfrey Benjamin
April 22nd, 2024
100% of Coindesk stocks were acquired by Bullish, a cryptocurrency exchange run by former NYSE President.
Just recently it has been revealed that Bullish, a crypto exchange that is led by former NYSE President Tom Farley, has bought 100% of CoinDesk stocks. It is known that it was an all-cash deal. However, financial terms remain undisclosed.
Coindesk’s Deal and Strategic Implications
Bullish plans to fuel CoinDesk’s global expansion and support the growth of its media, events, and indexing businesses. The all-cash deal underscores Bullish’s commitment to investing in CoinDesk’s exciting growth initiatives. CoinDesk will continue to operate independently within Bullish, with Kevin Worth remaining as the CEO, supported by the existing management team.
Tom Farley, CEO of Bullish, expressed enthusiasm about the acquisition, stating:
“Bullish will immediately inject capital into several of CoinDesk’s most exciting growth initiatives, which will power the launch of new services, events, and products.”
Farley also emphasized Bullish’s support for CoinDesk’s commitment to journalistic independence, highlighting the importance of CoinDesk’s role in shaping the global crypto and blockchain ecosystem.
To ensure and safeguard journalistic independence, CoinDesk has appointed Matt Murray, former Editor-in-Chief of The Wall Street Journal, as the Chair of its Editorial Committee. This move reflects CoinDesk’s commitment to maintaining trust and editorial integrity in the digital assets industry.
Launched in November 2021, Bullish has rapidly gained prominence with backing from notable investors like Peter Thiel’s Founders Fund and hedge-fund manager Louis Bacon. Farley brings valuable experience from his tenure as the President of the NYSE from 2014 to 2018. Bullish, which called off a $9 billion deal to go public last year, is now focusing on strategic acquisitions, with the CoinDesk purchase being a key part of its expansion plans.
Farley stated:
“Some of CoinDesk’s products and services are just darn good businesses that we want to own in a crypto bull run.”
Bullish is committed to significant investments in CoinDesk’s growth, with plans to leverage its presence in Asia to expand CoinDesk’s conference business.
It is worth mentioning that this deal comes only shortly after Foresight Ventures, finalized the acquisition of a controlling ownership in The Block, a leading crypto news and data company.
Industry Background and the Path Forward for Bullish
The acquisition comes amid a challenging period for the crypto industry, marked by the fallout from the collapse of the FTX Derivatives exchange. CoinDesk itself faced financial challenges, leading to layoffs and the exploration of strategic options. The partnership with Bullish is seen as a strategic move to revitalize CoinDesk’s position in the market.
As the crypto industry rebounds, Bullish’s investment is expected to catalyze CoinDesk’s growth and further solidify its standing as a leading media, events, and indexing platform in the digital assets space.
The synergies between Bullish and CoinDesk signal a new chapter in the landscape of crypto exchanges and media platforms. The collaboration’s success will likely be closely watched as it unfolds in the coming months, shaping the trajectory of both Bullish and CoinDesk in the crypto ecosystem.