The online news site CoinDesk is among the first trade press to cover the fall of Sam Bankman-Fried’s crypto exchange. At the moment, it seems that it is put up for sale due to an uncertain future.
CoinDesk, another victim of the FTX crypto-cyclone?
” The article says that the price is rumored to be around $300 million, which seems fair. But who would buy a property like CoinDesk? Bloomberg is not a natural partner. A crypto billionaire like Justin Sun who needs a new toy? »
The tweet is by Jeff Roberts, a crypto journalist at Fortune, Reuters and Decrypt.
Would you have noticed it? The current owners of CoinDesk seem ready to part ways with this crypto journal, which published an article on the close ties between FTX and Alameda Research on November 2. This information would have raised doubts among FTX investors. From then on, they started to withdraw their funds and caused the liquidity problems at the American crypto exchange.
However, SBF, the boss of FTX is suspected of having used customer funds to bail out the coffers of Alameda. Consequence: FTX sank at high speed, bringing with them, in its fall, several companies such as Genesis, BlockFi, etc.
300 million is too little?
Some people believe that the redemption price of CoinDesk would be too little considering that it generates an annual income of $50 million. Online advertisements and the organization of events such as the Consensus conference would have contributed massively to this inflow of money.
The editor of The Rebooting, Brian Morrissey, is among those who dare to contradict them.
” 6 times CoinDesk revenue is… too few ? There must be a majority of event revenue as well. »
As a reminder, CoinDesk is owned by Barry Silbert’s Digital Currency Group. Grayscale Investments and Genesis are among the entities that make up this conglomerate.
For the moment, apart from this article by Semafor, no official information has mentioned the possible sale of CoinDesk. However, it is said that the site specializing in cryptocurrency seems to be of interest to several potential buyers. Among them are family offices, private equity firms, rival crypto newspapers like Blockworks and also hedge funds.
Or are we stifling the work of crypto journalists capable of spotting other collapses in advance? With the “fourth estate” at their fingertips, they will continue to shine a light on other scammers and vultures hiding behind a well-disguised crypto project.
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