Partial sale of cryptocurrency news site coin desk Construction worth $125 million could be completed soon. wall street journal Reported July 20th.
The investor group reportedly involved in the sale is said to be headed by Peter Vessenes of Capital6 and Matthew Roszak of Tally Capital, the latter investing in cryptocurrency and blockchain startups. Emphasis is placed on
According to officials, coin desk Parent company Digital Currency Group (DCG) will continue to own shares in the site’s media, events, data and index businesses under the deal.they added coin desk It is highly likely that the management structure will remain unchanged in the future.
Prior to this, in January 2023, wall street journal reported coin desk hired financial services firm Lazard to explore a potential partial or total sale. The quest comes after DCG received an unsolicited offer of over $200 million, but it’s largely unclear what the other companies were interested in. coin desk.
A report in March suggested that Binance and its subsidiary Coinmarketcap were planning an acquisition. coin deskHowever, the deal was also described as “pending” at that time. Binance CEO Changpeng Chao later said his company would not purchase the publication on March 14.
Get the DCG itself coin desk In 2016 it was about $500,000.
Deals on hold amid DCG crisis
coin desk Financial performance remained strong throughout the negotiations. The company reportedly generated $50 million in revenue through 2022 from its online advertising, indexing services and events business.
However, the deal runs parallel to the DCG’s wider struggle. The lending arm of DCG subsidiary Genesis Global Capital filed for bankruptcy in January.
Gemini recently sued Genesis for covering up its bankruptcy amid the bankruptcy of one of its borrowers, Three Arrows Capital. Gemini and Genesis jointly offered the now-defunct interest-bearing his Earn service, and a long-running dispute between the companies left customers unable to access the funds.
Digital Currency Group has also closed institutional trading platform Tradeblock and wealth management arm HQ Digital in recent months.
CoinDesk’s post-$125 million deal may be in final stages and first appeared on CryptoSlate.
