Coindesk, a leading portal for those closely following the blockchain and cryptocurrency world, has been acquired by Bullish, a major player in the industry. Bullish didn’t hesitate to acquire 100% ownership of Coindesk, integrating it into their specialized conglomerate in this sector.
For several years, Coindesk had been an influential platform under the ownership of Digital Currency Group. However, after seven years under this company, its services will now transition to Bullish. The challenge ahead for Bullish is to continue making Coindesk a reference in the crypto sector without making substantial changes to its current staff.
A buyout through a hefty sum of money
Bullish didn’t hesitate to acquire 100% of Coindesk, although the value of this transfer hasn’t been disclosed. It’s undoubtedly a multimillion-dollar figure, but the exact amount hasn’t been announced yet.
Barry Silbert, one of the co-founders of Digital Currency Group, openly discussed on social media the acquisition by Bullish of a company he previously bought for only half a million dollars. While he also didn’t disclose the transaction amount, he celebrated it as one of the most profitable deals his company has made to date.
The rise, fall, and stabilization of the sector
The world of cryptocurrencies has gone through numerous phases over the years. Between 2013 and 2016, this sector was still a relatively unexplored niche with much more modest valuations. However, between 2017 and 2019, there was a huge boom in this alternative financial sector. Subsequently, from 2020 to 2021, it became a media phenomenon that, starting in 2022, deflated and took a back seat. Now, this sector faces 2024 with stability and growth among its main goals.
One of the most controversial aspects of the blockchain world was in Non-Fungible Tokens, or as they were popularly known, NFTs, which were tried to be portrayed as speculative pieces with potential future value. However, as anticipated, the oversupply sank the value of the vast majority of these NFTs.
As a result, nowadays, the crypto market has a more negative social perception than years ago. Will the crypto fever recover in the future, once NFTs fade into the collective memory? It’s still early to find out, but in a few years, we’ll discover where the cryptocurrency market is heading.
