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What is Going on with Digital Currency Group's CoinDesk Sale?

By Cje95 | Chronic Illness and Crypto | 15 Aug 2023


A few weeks ago it was reported that CoinDesk was finally going to be sold after months upon months of rumors. The news was broken by Axios stating it was going to be sold for $125 million to an investor group led by Matthew Roszak's crypto-focused investment firm Tally Capital and Peter Vessenes of VC firm Capital6. Coindesk, a longtime subsidiary of Digital Currency Group, has been one of the only bright spots for DCG. Originally purchased in 2016 for $500,000 it was known to be worth considerably more since then.     Today's big news of 45% of CoinDesk staff being laid off as part of restructuring does add a new wrinkle to the process. From what I have read and seen DCG appears to be trying to orchestrate some sort of deal that would not require them to fully sell the publication and maintain some in it. This differs from previous reports of the sale because those articles seemed to show that DCG was going to sell and leave CoinDesk except for some features that would provide important data... Data as we all know is as critical as ever because it can help give insight into what investors or readers are interested in.     This could have a much larger impact on DCG since they have suffered a lot in the bear market with several subsidiaries going bankrupt besides their Genisis lending platform. CoinDesk has been a rare win for them investment-wise and so losing it would be a huge blow. Owning CoinDesk also did have the benefit of helping shape the image of DCG. Even though CoinDesk would say they are independent and would acknowledge being owned by DCG it doesn't mean that there is some sort of psychological impact on the writers to prevent losing your job by writing a critical article.     CoinDesk has and remains to be one of the more popular publication sites in the crypto space. When you search "cryptocurrency news sites" it is the top hit after the sponsored sites. That gives it huge value and so it will be interesting to follow how this sale proceeds or if the sale ends up really stopping and instead there is an infusion of cash by the investor groups that were aiming to buy it. Time will only tell how DCG and CoinDesk move forward but as an industry and people who care about the industry should keep an eye on this developing story.     originally published on r/cryptocyurrency  

 

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Cje95
Cje95

Graduated from Texas A&M in May of 2020 had dabbled in crypto since 2017 but dove in at the end of 2019. December of 2020 packed up and moved to D.C.! Huge sports fan, space nerd, and international newsreader! Follow me on Twitter @Cje95_


Chronic Illness and Crypto
Chronic Illness and Crypto

Cryptocurrency and Blockchain are going to be a huge part of the future and no matter who tries it isn't going to be stopped! Here I try to give my best insight and thoughts into the latest crypto news, features, developments. Further, I look to discover any link to news from the United States ranging from social-political issues to stock market and economic data.

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