Logos of Digital Currency Group and CoinDesk

Digital Currency Group receives offers to buy CoinDesk: report

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CoinDesk, an online cryptocurrency news site, has attracted potential buyers to take over the media outlet from Digital Currency Group amid market turmoil, Semafor reported on Wednesday Asia time, citing sources familiar with the matter.

See related article: Genesis crypto broker freezes withdrawals; Winklevoss’s Gemini, S. Korea’s GOPAX exchanges affected

Fast facts

  • Semafor, which launched in October with investments including from FTX founder Sam Bankman-Fried, reported that one potential buyer offered a US$300 million purchase price.
  • CoinDesk is a subsidiary of Digital Currency Group (DCG), which also owns crypto investment bank Genesis Global Trading, crypto asset manager Grayscale and crypto mining firm Foundry.
  • Barry Silbert, founder of DCG, last week said that DCG has about US$2 billion in debts but is on pace to generate US$800 million in revenue this year, according to a CNBC report.
  • On Nov. 2, CoinDesk revealed that FTX’s sister company Alameda Research might have solvency issues, which sparked the FTX implosion and an industry-wide contagion.
  • DCG tweeted on Nov. 16 that Genesis Global Capital, the lending arm of Genesis Global Trading, has suspended redemptions and new loan originations.
  • DCG and CoinDesk did not immediately respond to Forkast’s requests for comment.

See related article: Digital Currency Group seeks to calm investors over Genesis loans: reports

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