[NEWS] Cryptocurrency exchange Bullish announces acquisition of US CoinDesk

Bullish, an overseas cryptocurrency exchange, announced on the 20th that it has acquired CoinDesk, a US cryptocurrency media company. It said it acquired 100% of CoinDesk's shares in an all-cash transaction. The amount was not disclosed.

Bullish is a cryptocurrency exchange whose CEO is Tom Farley, former president of the New York Stock Exchange. CoinDesk was previously acquired by Digital Currency Group (DCG) in 2016 for $500,000 (approximately 74.5 million yen).

Bullish said it will retain CoinDesk CEO Kevin Worth and other management teams and operate as an independent subsidiary. CoinDesk plans to establish an editorial board to ensure the independence of its journalism.

Bullish with participation from prominent investors

Bullish, which launched in November 2021, is backed by prominent investors such as Founders Fund, which includes Peter Thiel, co-founder of payment giant PayPal, and hedge fund manager Louis Bacon.

CEO Farley served as president of the New York Stock Exchange from 2014 to 2018. Last year, Bullish had planned to raise $9 billion (approximately 1.34 trillion yen) by merging with a blank check company (SPAC) and listing on the New York Stock Exchange, but the plan was canceled.

In his announcement, Farley stated that he has prepared a large amount of funds to grow CoinDesk. For example, Bullish seems to believe that CoinDesk is in a very important position to expand its conference business into Asia. In Asia, there are companies in Hong Kong and Singapore that are bullish on cryptocurrencies, and CoinDesk has become a media that is rooted in the local area.

Plans to buy CoinDesk have been around for some time

Plans to buy CoinDesk have been around for some time. A syndicate of investors announced that they were in the final stages of acquiring CoinDesk for about $125 million.

The investor group was led by Matthew Roszak of Tally Capital, a private investment firm in crypto and blockchain technology companies, and Peter Venus of venture capital firm Capital6.

Source:Announcement
Image: Shutterstock

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