May 8, 2024 - Business

Crypto media company Blockworks acquires The Breakdown

Illustration of a row of cube-shaped bags of money

Illustration: Sarah Grillo/Axios

Blockworks, a media company that covers cryptocurrency for professionals, has acquired The Breakdown, a podcast network, Blockworks co-founder Jason Yanowitz told Axios.

Why it matters: The deal marks the company's first acquisition since raising its first round of private capital last May.

"This acquisition marks a significant expansion of our podcast network, enhances our advertising capabilities, and broadens our distribution channels," Yanowitz said.

  • He added that the deal also strengthens Blockworks' ability to cross promote events and research.

Zoom in: The Breakdown will become the flagship daily podcast of Blockworks.

  • The Breakdown consists of The Breakdown podcast, a YouTube channel, and a newsletter, as well as the Bitcoin Builders podcast.
  • Deal terms were not disclosed.

Zoom out: The agreement is part of a broader strategy shift at Blockworks to invest in podcasts that it can build into bigger standalone media brands via ancillary products, like newsletters and events, that cater to different audiences.

  • Up until now, its shows — such as Empire, Bell Curve, 0xResearch, Lightspeed, Forward Guidance, On the Margin, and 1000x — were all created in-house.

Catch up quick: Yanowitz co-founded Blockworks in 2018 with Michael Ippolito.

  • The firm makes money from selling ads and sponsorships against digital products, like podcasts and newsletters, and events. It also sells subscriptions to professionals for its research and analytics platform.
  • The company was bootstrapped for its first five years. It raised its first venture round in May 2023 — $12 million at $135 million valuation.

By the numbers: Yanowitz said the company plans to end the year with around 85 employees, up from around 65 today.

Go deeper: Exclusive: Crypto media firm Blockworks raises $12M at $135M valuation

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