CoinDesk Might Be Soon Sold
A syndicate led by Matthew Roszak of Tally Capital and Peter Vessenes of Capital 6 is in the final stages of negotiations to buy CoinDesk, a crypto-focused publication, from Digital Currency Group (DCG) at a reported valuation of $125 million.
This, according to The Wall Street Journal, which stated that the exact amount of investment is not disclosed.
In January, the WSJ reported that DCG had been considering selling part or 100% of CoinDesk; the upper limit of the offers stated was $200 million – CoinDesk having raked in total revenue of $50 million in 2022.
This potential deal could come as a reliever for DCG in light of its tough spot; in May 2022, the holding postponed a payment of $630 million as part of compensation to Gemini Earn users.
All involved parties – including the creditors of the crypto-lending platform – agreed to launch a 30-day pre-trial reconciliation process, which aimed to find an acceptable solution to the Genesis agreement proposed in February 2023; this agreement would allow creditors to return 80% of lost funds, and also laid plans for the gradual zeroing of the Genesis loan portfolio, as well as the sale of insolvent structures.
