Charles Hoskinson, co-founder of blockchain Cardano, is considering acquiring popular crypto news outlet CoinDesk and revamping it into a combined news and community website.
According to the Bloombergthe father of blockchain Cardano (ADA) is willing to spend 200 million USD to acquire CoinDesk – Crypto news site is “for sale” me in the middle of time DCG parent company in crisis.
Cardano blockchain co-founder Charles Hoskinson is considering buying crypto news service CoinDesk to revamp it into a mix of a news and community site https://t.co/xtXQ4BX1Pi
— Bloomberg (@business) January 19, 2023
On January 19, CoinDesk said it had asked Lazard for financial advice for options to sell part or all of the company. This is a unit specializing in supporting mergers, restructuring and capital structure.
Currently, CoinDesk is owned by Digital Currency Group, a corporation and parent company of the lending platform. Genesis just filed for bankruptcy a few hours ago.
CoinDesk was officially acquired by DCG in 2016 for about $500,000 to $600,000. However, the news site has kept the business valuation secret, but it is known that CoinDesk’s revenue in the past year can be up to $ 50 million, from a variety of advertising sources, data services and events.
Hoskinson, one of the founders of Ethereum, said on Twitter that he had heard CoinDesk was for sale for around $200 million, but he had not been able to find the company’s financial statement. The ADA boss asserts:
“For $200 million, I find it a bit expensive, but I can still buy it if I really want to.”