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Illustration: Sarah Grillo / Axios

CoinDesk is the hottest digital media startup that most people haven't heard of, generating around $20 million in revenue through the first seven months of 2018. It's also profitable.

The bottom line: Less than three years ago the business was sold for just $500,000, but that was before cryptocurrencies and blockchain went mainstream.

CoinDesk was born in May 2013 as the brainchild of entrepreneur and investor Shakil Khan, who had been interested in bitcoin and wanted a simple site to track news and pricing data about the cryptocurrency.

“When we first launched CoinDesk, the goal was simply to supply the market with accurate and reliable information on digital currency,” Khan tells Axios. “As the community increasingly looked to us for the latest industry developments and our perspective on them, building a media business around that based also on data and events felt very organic.”

Three years later Khan sold the company for just $500,000 to Barry Silbert's Digital Currency Group (DCG). At the time it had 10 full-time employees, 700,000 monthly readers, and had raised just under $2 million in seed funding from investors like DCG, 500 Startups and Science Inc.

  • Its revenue has since grown tenfold, with a significant portion coming from an expanding events business. Its annual Consensus conference had 8,500 attendees in 2018, up from 625 in its 2015 debut.
  • Consensus has been criticized by Ethereum co-creator Vitalik Buterin (who also co-founded a different crypto-related publication in 2012) for being too expensive, and CoinDesk CEO Kevin Worth said he's working on ways to make it more accessible (while also arguing that many attendees pay much less than the price at the door).
  • CoinDesk's research arm, which grew out of its early bitcoin price reports, now also includes multiple reports and areas of focus.
  • Its news traffic, manned by a 25-person editorial staff, has grown to five million monthly unique visitors, according to Worth.
  • Last month it debuted a podcast called “Late Confirmation” with the University of Oxford as its initial sponsor, and CoinDesk also plans to premiere a live-streamed online video show this fall.

Yes, but: CoinDesk remains exposed to cryptocurrency's volatile cycles, including the recent fall in Bitcoin prices.

"Some of the traffic from [the Q4 2017] spike has dropped off as the market has cooled down, but a significant portion has remained as the growing interest level in the broader story about blockchain and crypto shows no signs of slowing down," Worth says.

Go deeper

University of Michigan reaches $490M settlement in sex abuse case

Jon Vaughn, a former University of Michigan and NFL football player, speaks at a press conference in Ann Arbor, Mich., in June 2021. Photo: Bill Pugliano/Getty Images

The University of Michigan on Wednesday reached a $490 million settlement with over a thousand survivors who allege that they were sexually assaulted by a former physician in the school's athletic department.

Driving the news: "It's been a long and challenging journey and these survivors have refused to remain silent," attorney Parker Stinar said Wednesday.

3 hours ago - Technology

3D printing's next act: big metal objects

Chief Scientist Andy Bayramian makes modifications to the laser system on Seurat's 3D metal printer. Photo courtesy of Seurat Technologies.

A new metal 3D printing technology could revolutionize the way large industrial products like planes and cars are made, reducing the cost and carbon footprint of mass manufacturing.

Why it matters: 3D printing — also called additive manufacturing — has been used since the 1980s to make small plastic parts and prototypes. Metal printing is newer, and the challenge has been figuring out how to make things like large car parts faster and cheaper than traditional methods.

Rising rates may hammer the stock market

Illustration: Sarah Grillo / Axios

Stocks are much more vulnerable to interest rate swings than they used to be.

Why it matters: A sharp rise in rates in early 2022 is the key reason the stock market is off to an ugly start. And with the Federal Reserve making noise about trying to keep inflation in check, rates could go higher.

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