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Direct Investment  + Alternative Assets  + Crypto  + M&As  |  November 20, 2023
Crypto Exchange Bullish Buys CoinDesk in All-Cash Deal
By: Joe Palmisano

Crypto Exchange Bullish Buys CoinDesk in All-Cash Deal

Bullish, the institutional digital asset exchange managed by former New York Stock Exchange President Tom Farley, has purchased crypto-focused media firm CoinDesk from Barry Silbert’s Digital Currency Group

While financial details of the deal weren’t disclosed, the Wall Street Journal reported that Bullish bought CoinDesk in an all-cash deal.

CoinDesk will continue to be led by Kevin Worth and the existing management team and operate as an independent subsidiary within Bullish.

“Bullish will immediately inject capital into several of CoinDesk’s most exciting growth initiatives which will power the launch of new services, events and products,” said Farley, CEO.

CoinDesk also announced that it has appointed Matt Murray, former Editor-in-Chief of The Wall Street Journal, to serve as chair of its editorial committee.

Aside from news coverage, CoinDesk hosts live blockchain and cryptocurrency events and provides real-time market indexes. Last year, the company earned around $50 million in income from online advertising, as well as from its market indexing service and live event venues.

Bullish, a Block.one subsidiary, debuted in 2021. Block.one raised over $4 billion in an initial coin offering (ICO) in 2018 — one of the largest ICOs of all time — and created EOS, an open-source blockchain.

The exchange has executed over $300 billion in total trading volume since inception and ranks among the top three global exchanges by spot trading volume for Bitcoin and Ether, according to the company.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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