Crypto news site CoinDesk explores sale
- Kerry Flynn, author of Axios Pro: Media Deals
Gabby Jones/Bloomberg via Getty Images
CoinDesk, the New York-based crypto news site, has hired Lazard to explore the sale of the business, CEO Kevin Worth told The Wall Street Journal on Wednesday.
Why it matters: The sale could fetch more than $200 million for a crypto news site that earned a ton of respect but couldn't escape the crypto winter.
Details: CoinDesk's revenue was $50 million last year, per WSJ.
Catch up quick: Founded in 2013, CoinDesk had raised about $2 million in seed funding from investors like Digital Currency Group, 500 Startups and Science Inc. It sold to DCG for $500,000 in 2016, Axios' Kia Kokalitcheva wrote.
The intrigue: Niche news companies, more so than general news outlets, have recently generated strong exit multiples for investors.