CoinDesk, a highly popular crypto news website, is apparently seeking potential buyers. This news comes from the Wall Street Journal, which states that the Digital Currency Group (DCG), CoinDesk’s parent company, has hired investment bank Lazard to search for buyers. The Wall Street Journal also reported that bids of over $200 million have already been made.
It is not unexpected that DCG is looking to sell some of the companies it manages, as the company has been struggling financially since the fall of crypto exchange FTX. DCG has been taking measures to cut costs, such as announcing that shareholders will not receive profit distributions this year. Additionally, DCG’s trading firm subsidiary, Genesis Global, is also grappling with significant debt.
Recently, Newsbit reported that DCG is still in talks with creditors Gemini and Bitvavo, who are collectively owed over $1.1 billion by Genesis. There are even rumors of a potential pre-negotiated Chapter 11 bankruptcy procedure.
At this moment, it is not clear whether CoinDesk will be purchased by one or multiple parties. Fans of the news platform will be eagerly waiting to see what the future holds.