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Blockchain.com not selling subsidiaries, never spoke to Coinbase: Source

Quick Take

  • Blockchain.com isn’t selling any subsidiaries and hasn’t spoken to Coinbase about possible deals, a person familiar with the matter told The Block.
  • Earlier, crypto news outlet Decrypt said Blockchain.com “has been attempting to sell off assets in a scramble for capital.”

Blockchain.com isn't selling any subsidiaries and hasn't spoken to Coinbase about possible deals, a person familiar with the matter told The Block.

Earlier, crypto news outlet Decrypt said Blockchain.com "has been attempting to sell off assets in a scramble for capital" following the collapse of hedge fund Three Arrows Capital last year, which left the company with a $270 million hole. Decrypt cited multiple sources it didn't name who told it about calls over the last two months during which executives "shopped parts of its business, including to Coinbase."

Blockchain.com has sold illiquid positions to take profits and be more liquid in order to take advantage of opportunities, the person told The Block.

"No Blockchain.com businesses are for sale," a company spokesperson told The Block. "Blockchain.com is an asset buyer, not a seller."

RELATED INDICES

Blockchain.com was one of several firms that was reportedly interested in acquiring derivatives exchanges and clearinghouse LedgerX, according to a December report from Bloomberg News.  In October, Blockchain.com raised an undisclosed amount of additional capital in a round led by UK-based investment firm Kingsway Capital.

(Updates with comment from company in fourth paragraph.)


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Christiana is a long-time journalist who has written about markets in the Americas, politicians who stashed cash in their underwear and high-end heels, to name just a few. She previously spent six years at Bloomberg, and her work has appeared in the WSJ, LA Times, Insider, Vogue Business and more. Christiana has a bachelor's degree in English from Pace University and a master's degree in journalism from New York University. She completed a master's degree in media psychology for fun.
Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

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