Bullish, the crypto exchange which is under the leadership of Tom Farley, former President of the New York Stock Exchange (NYSE), has finalized its acquisition of CoinDesk from Digital Currency Group (DCG).
The deal, executed in all-cash, was spearheaded by Bullish. However, the financial terms of the deal were not disclosed.
CoinDesk, established in 2013 and later acquired by Digital Currency Group in 2016, has been a pivotal player in the crypto journalism arena. Under the new arrangement, CoinDesk will continue to function as an independent subsidiary under Bullish. It will be led by its current CEO, Kevin Worth, and its existing management team.
Also, Bullish has announced the formation of an editorial committee for CoinDesk, to be chaired by Matt Murray, the former Editor-in-Chief of the Wall Street Journal. This move aims to uphold CoinDesk’s tradition of independent and credible reporting in the cryptocurrency sector.
Bullish, though a relatively smaller entity in the crypto exchange domain, has demonstrated significant ambition with this acquisition. The company, regulated by the Gibraltar Financial Services Commission, is yet to offer services in the United States.
This acquisition could be a stepping stone in its path to expanding its influence and operations in the global crypto market.
Bullish intends to leverage this acquisition to expand into new markets, particularly in Asia, where it already has a presence in Hong Kong and Singapore. This move is expected to open up new opportunities for CoinDesk’s media and events business and tap into emerging opportunities within the global crypto ecosystem.
However, this acquisition also brings regulatory scrutiny, as the SEC has been closely monitoring crypto transactions. It will be crucial for Bullish to navigate these regulatory waters carefully to ensure the success of this acquisition and its future operations.