CoinDesk explores full or partial sale to attract growth capital, CEO says
Quick Take
- Digital Currency Group’s crypto media outlet CoinDesk may pursue a full or partial sale as it seeks capital for its future growth, CEO Kevin Worth said.
- CoinDesk received “numerous inbound indications of interest” over the last few months, according to Worth.
Crypto media outlet CoinDesk may pursue a full or partial sale to fuel future growth, CoinDesk confirmed to The Block.
CoinDesk is seeking advisory services from Lazard, a firm specializing in mergers, restructuring and capital strategy, as the company explores a potential sale, The Wall Street Journal first reported.
“Over the last few months, we have received numerous inbound indications of interest in CoinDesk. As such, I have engaged Lazard as our financial advisor to assist. My goal in hiring Lazard is to explore various options to attract growth capital to the CoinDesk business, which may include a partial or full sale,” CEO Kevin Worth told The Block in a statement via email.
Coindesk was originally acquired by the Digital Currency Group in 2016 for around $500,000 to $600,000. The company did not disclose its current valuation.
Another DCG company, Genesis Global Capital, is in the midst of negotiating a prepackaged bankruptcy plan with creditors. Genesis laid off 30% of its staff earlier this month.
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