NYSE ex-president's crypto exchange buys CoinDesk
A crypto exchange run by former New York Stock Exchange President Tom Farley has acquired crypto media publication CoinDesk.
Driving the news: CoinDesk is staying in the crypto family.
- CoinDesk is the most well-known crypto news outlet and will now become a subsidiary to a little-known exchange named Bullish.
Of note: Farley's Bullish is currently unavailable to investors in Canada, China, Japan, and the U.S.
Details: Bullish said in a press release on Monday that CoinDesk's current management team will stay on and that the news publication will launch an editorial committee chaired by Matt Murray, the former editor-in-chief of the Wall Street Journal.
- Bullish is buying the publication from Digital Currency Group, the firm founded by Barry Silbert that also owns Grayscale Investments as well as a smattering of other crypto companies.
- The price tag, and other deal terms, were not disclosed.
Flashback 1: An earlier $125 million deal for CoinDesk led by Matthew Roszak of crypto-focused investment firm Tally Capital and Peter Vessenes of VC fell through.
Flashback 2: Bullish is no stranger to canceled plans.
- The company's SPAC-merger made news with its stacked cast of backers that included prominent investors Peter Thiel's Founders Fund as well as hedge fund manager Louis Bacon — only to be called off in Dec. 2022.
What we're watching: Silbert's DCG has been on the ropes, with one of its subsidiaries mired in bankruptcy proceedings, which was hit with a civil fraud case by the New York Attorney General alongside the parent company.