Loading...
Loading...
- Coindesk reportedly hired Lazard, Ltd LAZ advisors as it explored a potential sale that would remove it from Barry Silbert's Digital Currency Group (DCG).
- CEO Kevin Worth's email acknowledged receiving numerous inbound indications of interest in CoinDesk, CNBC reports.
- Worth said Lazard would help CoinDesk explore various options to attract growth capital to the CoinDesk business, which may include a partial or complete sale.
- Also Read: Coinbase Ceases Japan Operations As Planned Despite The Country's Crypto Concessions
- DCG acquired the media company in 2016 for $500,000, the Wall Street Journal reports.
- CoinDesk generated $50 million in revenue last year from online advertising and its index and events business.
- CoinDesk broke the first story about potential balance sheet incorrectness at Sam Bankman-Fried's Alameda Research.
- CoinDesk's reporting flared a downward spiral at crypto exchange FTX, ultimately leading to its collapse in November, the arrest of Bankman-Fried, and multiple regulatory probes.
- The contagion from the FTX meltdown hit CoinDesk sister company Genesis, a crypto lender owned by DCG that's hired advisors for a potential bankruptcy filing.
- Genesis is also the subject of an SEC charge alongside the crypto exchange Gemini.
- In January, DCG suspended all dividend payments to its shareholders until further notice following contagion in the crypto space brought on by the bankruptcy of Sam Bankman-Fried's FTX exchange.
- Price Action: COIN shares closed lower by 7.26% at $50.21 on Wednesday.
Loading...
Loading...
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in
