In the past few days, rumors have surfaced once more that the well-known crypto news site Coindesk is being sold. It is currently owned by Digital Currency Group (DCG), which, in turn, wants to improve its financial situation, so they are thinking regarding selling it. It is not yet clear what the fate of Coindesk will be, in any case, the fact is that the portal recently signed a consulting contract with investment bankers.
DCG’s difficult situation was caused by the FTX case
Bankers from the consulting firm Lazard are helping Coindesk decide whether to sell the portal entirely or in its entirety. Rumors of the sale of the site have been circulating on social media for months. Back in 2016, DCG bought the portal for $500,000, and if the news is true, offers of more than $200 million have been received for CoinDesk in recent months.. The fact is that DCG might use this money right now. On January 17, they informed their shareholders that they would also suspend dividend payments in order to improve their balance sheet. We also know why the company is in a difficult situation.
Another subsidiary of DCG, Genesis Global, is on the verge of bankruptcy. It turns out they owe more than $3 billion to their creditors. And this is a huge amount, even if DCG’s portfolio includes more than 200 crypto startups, including CoinDesk. But few people know that DCG also includes Grayscale Investments, the crypto exchange Luno, or the consulting company Foundry. Many on social media are writing regarding DCG digging its own grave. After all, it was CoinDesk that published the article back in November, which then led to the bankruptcy of the FTX crypto exchange. And the bankruptcy of FTX caused serious difficulties for Genesis Global.
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