Bullish Global Announces Acquisition of Leading Cryptocurrency Media Outlet CoinDesk

In a significant development for the cryptocurrency industry, Bullish Global has acquired CoinDesk, a major cryptocurrency media outlet.

This strategic move, involving an all-cash transaction, marks a new chapter in the consolidation of crypto media.

Learn about the leaders behind this deal, the plans for CoinDesk's expansion, and how this acquisition fits into the broader trend of cryptocurrency media buyouts.

Bullish Global Acquires CoinDesk

Bullish Global, a cryptocurrency exchange catering to institutional clients, announced on November 20, 2023, that it has acquired CoinDesk, a major player in the cryptocurrency media space.

Bullish, an institutional crypto exchange, is led by Tom Farley, former President of the New York Stock Exchange (NYSE), and is a subsidiary of Block.one, known for developing the cryptocurrency EOS.

CoinDesk was previously acquired in 2016 for $5 million by Digital Currency Group, led by Barry Silbert.

The recent acquisition by Bullish Global from Digital Currency Group was reportedly made entirely in cash, though the purchase amount remains undisclosed.

Expanding Business through Media and Events

Bullish Global plans to invest in CoinDesk's global expansion and the growth of its media, events, and index businesses.

The current CEO of CoinDesk, Kevin Worth, along with the existing management team, will continue to lead the company as an independent subsidiary within the Bullish group.

Furthermore, an editorial committee has been established to ensure journalistic independence. This committee will be chaired by Matt Murray, former editor of The Wall Street Journal.

While the acquisition amount has not been disclosed, CoinDesk's annual revenue is estimated at $50 billion. In July, it was reported that an investor group led by Matthew Roszak had attempted to acquire CoinDesk for $125 million.

Tom Farley, CEO of Bullish Global, and Kevin Worth, CEO of CoinDesk, have commented in an official announcement regarding the acquisition.

【Bullish Global: Tom Farley】
With its acclaimed editorial coverage, premier events and market-leading data and indices, CoinDesk continues to shape the global crypto and blockchain ecosystem.

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. We also want to express our unwavering support for CoinDesk’s commitment to journalistic independence.

【CoinDesk: Kevin Worth】
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.

Cryptocurrency Media Acquisitions on the Rise

This acquisition is part of a recent trend in the cryptocurrency media space.

Notably, Foresight Ventures, a venture capital firm based in Singapore and owned by cryptocurrency exchange Bitget, recently acquired 80% of the shares of The Block, another cryptocurrency media outlet.