Crypto exchange Bullish buys 100% stake in crypto media site CoinDesk: Report

Crypto media platform CoinDesk has been acquired by crypto exchange Bullish for an undisclosed sum, according to a report published by The Wall Street Journal (WSJ) on November 20.

The crypto exchange is headed by former New York Stock Exchange President Tom Farley. The media platform said former Wall Street Journal editor-in-chief Matt Murray will lead an independent editorial committee and the current CoinDesk editorial team will remain intact.

According to reports, Bullish acquired the crypto media platform in an all-cash deal, though the terms of the deal were not disclosed. In the year The media platform, which was bought for 500,000 by Barry Silbert's digital currency group in 2016, has been in acquisition talks during a tough crypto winter that has seen several high-profile crypto companies go bankrupt amid DCG's financial crisis. According to reports, CoinDesk earns $50 million in annual revenue.

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Bullish wasn't the only firm interested in the media company. In July, a group of investors led by Matthew Rozak tried to buy CoinDesk for $125 million, but the deal failed.

CoinDesk isn't the only crypto media company that has struggled during the bear market. Block had to cut ties with its original founders after the exchange collapsed and its connection to FTX was revealed. The crypto news platform sold its majority stake to Singapore-based Foresight Ventures for $70 million and bought 80 percent of its stake for $60 million.

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