Former New York Stock Exchange President Tom Farley said earlier today that his company, Bullish, had purchased 100% of crypto-focused media company CoinDesk for an undisclosed amount. CoinDesk was set to be purchased in July for $125 Million, but the deal fell through. It previously was purchased in 2016 for $500,000.
This deal comes during a rise in Bitcoin and other cryptocurrencies — not weeks after Sam Bankman-Fried’s court case and one year after Sam Bankman-Fried’s company FTX had financial troubles.
Founded in November 2021, Bullish is supported by notable investors such as Peter Thiel’s Founders Fund and hedge-fund manager Louis Bacon. They were set to go public last year when they called off a $9 billion public offering with a blank-check company. They are now one of the contenders vying to buy the remnants of FTX. If successful, they could restart the FTX exchange as early as next year.
CoinDesk will add to Bullish’s bottom line as it had over $50 million in revenues from its business last year. “We believe that there is a rebound of the digital assets industry that has already begun,” Farley said in an interview. “Some of CoinDesk’s products and services are just darn good businesses that we want to own in a crypto bull run.” Later, it stated that it plans to invest a “lot of money” in its future and the growth of the industry.
Matt Murray, the former editor-in-chief of The Wall Street Journal, will serve as chair of its editorial committee.
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