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Crypto news site CoinDesk explores sale

Jan 19, 2023
Voyager Digital on the Coindesk website on a laptop computer in the Brooklyn borough of New York, US, on Friday, July 8, 2022.

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.

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