Cardano founder interested in buying news site Coindesk

This happened after the publication sought the services of Lazard, a firm that specializes in mergers and restructuring

19.01.2023 - 11:40

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2 min

What’s new? Cardano blockchain founder Charles Hoskinson has allowed the possibility of buying the news site CoinDesk. Cardano investor and entrepreneur Chris Oh said on Twitter that such an outcome would ensure Hoskinson’s “legend status,” and he responded by saying that he is “going to make some calls and see what the sticker price is.” This came after The Wall Street Journal reported that CoinDesk turned to Lazard, a merger and restructuring consulting firm.

I'm going to make some calls and see what the sticker price is — Charles Hoskinson (@IOHK_Charles) January 19, 2023

More details about the situation. Information about the possible sale of CoinDesk appeared in the media in late November. Then the Semafor portal reported that one of the offers voiced a price of $300 million, but it was considered too low.

According to CoinDesk CEO Kevin Worth, over the past few months, many people have expressed interest in buying the publication and that is why the Lazard team was hired.

The purpose of cooperation with the consulting firm is to explore different options for raising capital to grow the business, among them a partial or full sale of CoinDesk, Worth told The Block.

What is known about CoinDesk? The news site is part of Barry Silbert’s Digital Currency Group (DCG). The holding company includes asset manager Grayscale Investments as well as crypto broker Genesis, which hired investment bank Moelis & Company to restructure on November 22, 2022.

On January 19, Bloomberg reported that Genesis is preparing to file for bankruptcy as early as this week. Genesis had previously warned of bankruptcy if the company failed to raise funds for its credit division. According to media reports, the broker owes creditors more than $3 billion, and parent company DCG suspended dividend payments to shareholders on January 17.

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