- Coindesk reportedly hired Lazard, Ltd LAZ advisors as it explored a potential sale that would remove it from Barry Silbert's Digital Currency Group (DCG).
- CEO Kevin Worth's email acknowledged receiving numerous inbound indications of interest in CoinDesk, CNBC reports.
- Worth said Lazard would help CoinDesk explore various options to attract growth capital to the CoinDesk business, which may include a partial or complete sale.
- Also Read: Coinbase Ceases Japan Operations As Planned Despite The Country's Crypto Concessions
- DCG acquired the media company in 2016 for $500,000, the Wall Street Journal reports.
- CoinDesk generated $50 million in revenue last year from online advertising and its index and events business.
- CoinDesk broke the first story about potential balance sheet incorrectness at Sam Bankman-Fried's Alameda Research.
- CoinDesk's reporting flared a downward spiral at crypto exchange FTX, ultimately leading to its collapse in November, the arrest of Bankman-Fried, and multiple regulatory probes.
- The contagion from the FTX meltdown hit CoinDesk sister company Genesis, a crypto lender owned by DCG that's hired advisors for a potential bankruptcy filing.
- Genesis is also the subject of an SEC charge alongside the crypto exchange Gemini.
- In January, DCG suspended all dividend payments to its shareholders until further notice following contagion in the crypto space brought on by the bankruptcy of Sam Bankman-Fried's FTX exchange.
- Price Action: COIN shares closed lower by 7.26% at $50.21 on Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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