According to various reports, investors are reportedly interested in buying cryptocurrency news publication Coindesk. On January 18th, Wang Feng, founder of China-based news publication Marsbit, announced his intention to buy Coindesk along with other members of the crypto industry. The news follows reports from Semafor in late November 2022 that Coindesk received acquisition offers from multiple investors.
Coindesk’s alleged asking price: over $200 million as Charles Hoskinson and Marsbit show interest in buying
Investors are reportedly considering buying cryptocurrency news publication Coindesk after Genesis Global Capital, a subsidiary of Digital Currency Group (DCG), filed for bankruptcy protection. Coindesk is an independently operated news and conferences business wholly owned by DCG.
According to Charles Hoskinson, co-founder of Ethereum and founder of Cardano, sources familiar with the matter indicate that news agency CoinDesk has an asking price of around $200 million. Hoskinson has expressed interest in buying Coindesk as stated in his Youtube video titled “Buying Coindesk”.
Hoskinson’s $200 million estimate is below the estimate given to Semafor at the end of November 2022 when a source told Semafor that investors were interested in buying Coindesk. At the time, Semafor’s Bradley Saacks and Liz Hoffman reported that there was “his proposed $300 million purchase price.” The report added that people familiar with the matter said the $300 million estimate was “considered too low.”
According to Semafor’s Bradley Saacks, Coindesk generates most of its revenue from events such as consensus conferences and advertising. “Both revenue pools are shrinking rapidly,” Saacks said.In addition to Charles Hoskinson, Wang Feng, founder of China-based news publication Marsbit announced Intention to purchase publications. Marsbit is a news media backed by Binance, the largest cryptocurrency exchange by trading volume.
Wang announced on January 18, 2023 that Marsbit intends to “organize a number of well-known funds to jointly acquire and integrate Coindesk.” He also said the Consensus Conference business will be included in the acquisition. Coindesk was originally founded in 2013 by an entrepreneur. shakir khanCo-founder of Prima Materia and an early investor in Bitpay.
Coindesk was acquired by DCG in January 2016 for an estimated $500,000 to $600,000, as reported by Techcrunch reporter Lucas Mattney. Coindesk has published an article about the acquisition, noting that it is “thrilled” to join DCG, with DCG saying he is one of Coindesk’s “early investors and supporters.” I was.
What do you think about investors like Charles Hoskinson and Marsbit founder Wang Feng showing interest in buying Coindesk? Share your thoughts on the subject in the comments section below.
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