Former New York Stock Exchange Chairman Tom Farley said earlier today that his company, Bullish, had purchased 100% of crypto media company CoinDesk for an undisclosed amount. CoinDesk was set to buy in July for $125 million, but the deal fell through. It was previously purchased in 2016 for $500,000.
The deal comes as Bitcoin and other cryptocurrencies are on the rise – just weeks after Sam Bankman-Fried’s trial and a year after Sam Bankman-Fried’s company FTX experienced financial difficulties.
Founded in November 2021, Bullish is backed by notable investors such as Peter Thiel’s Founders Fund and hedge fund manager Louis Bacon. They were about to go public last year when they canceled a $9 billion public offering with a blank-check company. They are now among the suitors vying to buy the remains of FTX. If successful, they could restart the FTX exchange as early as next year.
CoinDesk will add to Bullish’s bottom line, as its business generated more than $50 million in revenue last year. “We think there is a rebound in the digital asset sector that has already started,” Farley said in an interview. “Some of CoinDesk’s products and services are just really good companies that we want to own in a crypto bull run.” He later said he planned to invest “a lot of money” in its future and the growth of the industry.
Matt Murray, the former executive editor of the Wall Street Journal, will chair its editorial board.
Featured Image Credit: