Investors closes in on acquiring CoinDesk for $125 mn: Report

San Francisco, July 21 (IANS): A group of investors is reportedly in the final stages to acquire cryptocurrency news company CoinDesk for about $125 million.

CoinDesk is currently owned by crypto conglomerate Digital Currency Group (DCG), which acquired it in 2016.

According to the Wall Street Journal, a group led by blockchain investors Matthew Roszak of Tally Capital and Peter Vessenes of Capital6 is “nearing a $125 million deal for CoinDesk”.

CoinDesk did not immediately comment on the report.

A syndicate of investors is in the final stages of sealing a deal for cryptocurrency-focused media company CoinDesk https://t.co/FoU1unGF4b

— The Wall Street Journal (@WSJ) July 20, 2023

CoinDesk is a news site specialising in Bitcoin and digital currencies. It also provides guides to Bitcoin for those new to digital currencies. Founded by entrepreneur Shakil Khan in 2013, the site was subsequently acquired by DCG for an estimated $500,000-$600,000.

In 2017, the company acquired blockchain data and research platform Lawnmower. In 2021, it acquired cryptocurrency data analytics firm TradeBlock. According to reports, the acquisition of CoinDesk, if it happens, will help strengthen DCG’s financial condition.

CoinDesk Indices are the bellwether for the market. They are the industry standard for institutional-grade cryptocurrency pricing with billions of dollars in monthly trading volume quoted against them.

The flagship CoinDesk Bitcoin Price Index (XBX) is a spot reference rate for BTC that benchmarks the world’s first publicly traded Bitcoin fund and the world’s first Bitcoin ETF.