Eleanor Terrett of Fox Business reports that investment bankers plan to spend up to $200 million for Coindesk, despite the fact that some potential purchasers think the price is excessive.
🚨SCOOP: Investment bankers working with @CoinDesk on a potential sale are said to be looking to accept the highest bid, despite some interested buyers saying a $200M+ price tag is significantly overvalued.
— Eleanor Terrett (@EleanorTerrett) January 24, 2023
Reminder that @DCGco bought CoinDesk for around $500K in 2016.
Charles Hoskinson, the creator of the cryptocurrency Cardano, has stated his interest in purchasing the publication in order to restore journalistic integrity while simultaneously modernizing the sector with new technologies like non-fungible tokens (NFTs).
According to a number of media sources, the cryptocurrency CoinDesk began thinking about a sale after a string of tragic incidents involving its parent business Digital Currency Group (DCG).
Last week, CNBC reported that Coindesk has hired Lazard advisers to help it examine a variety of alternatives, including the possibility of selling the company.
Entrepreneur Shakil Khan launched the bitcoin news portal in 2013. In January 2016, Digital Currency Group paid around $500,000 to purchase the media firm.
The website was the first to reveal the financial issues that were developing within the FTX business last year. The second-largest cryptocurrency in the world filed for bankruptcy as a result of its reporting, and its discredited creator Sam Bankman-Fried was charged with fraud.
Notably, DCG, the parent firm of the website, was also impacted by the crypto crisis. Genesis, a division of Digital Currency Group and a cryptocurrency dealer, has declared bankruptcy. The mining division of DCG, Foundry, is likewise dealing with serious difficulties.
