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- Binance is reportedly seeking to acquire CoinDesk through its capital management arm.
- CoinDesk has been going public since January 2023 following financial troubles at its parent company DCG.
- According to reports, the acquisition is currently on hold and will be made through CoinMarketCap.
- Previous estimates suggested that CoinDesk sold for about $75 million.
Binance, the world’s largest cryptocurrency exchange, appears to be diversifying its portfolio. The firm is reportedly seeking to acquire cryptocurrency news giant CoinDesk through Binance Capital Management (BCM). The cryptocurrency news company has been considering an acquisition since January, as its parent company, Digital Currency Group (direct current
).
Binance’s CoinDesk acquisition is currently on hold
according to a report building block factoryCoinDesk has been the target of an acquisition by Virgin Islands-based BCM for the past few weeks. The acquisition will be made through Binance-owned crypto data aggregation site CoinMarketCap, which is registered in the U.S. state of Delaware, but the deal is reportedly on hold for now, according to people familiar with the matter. Initial talks between Binance and CoinDesk broke down amid fears of an exodus of journalists from the news organization if Binance became its majority shareholder, sources said.
CoinDesk, one of the stars of Digital Currency Group’s impressive crypto portfolio, first went public in January after CEO Kevin Worth confirmed the news organization was up for sale. Around the time CoinDesk’s sister company, Genesis, filed for Chapter 11 bankruptcy protection, allegations of financial discrepancies over DCG came to light.
The crypto news organization hired investment bank Lazard Ltd to explore a partial or full sale.Worth to talk about CNBC At the time his company was receiving “a large number of expressions of interest”. Early estimates suggest that CoinDesk could fetch as much as $300 million. However, sources familiar with the matter said the potential deal would be worth around $75 million. The company was acquired by Barry Sibert’s Digital Currency Group in 2016 for approximately $500,000.
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