Seeking Alpha
2023-01-18 21:34:13

Crypto news site CoinDesk is said to tap Lazard to explore potential sale

Cryptocurrency-focused news site CoinDesk was said on Wednesday to have recently tapped investment bankers at Lazard ( NYSE: LAZ ) for a potentially partial or full sale. The news comes as Digital Currency Group, the parent company of CoinDesk, works to raise fresh capital by selling some of the assets in its huge venture capital portfolio as its troubled crypto broker, Genesis Global Trading, reportedly owes creditors over $3B. Earlier, Genesis was said to have considered filing for bankruptcy this week. DCG owns other business that are also struggling in the midst of a market downturn that intensified after FTX's ( FTT-USD ) multibillion-dollar downfall, including Grayscale Investments ( OTC:GBTC ) ( OTCQX:ETHE ). "Over the last few months, we have received numerous inbound indications of interest in CoinDesk," said CoinDesk CEO Kevin Worth, as quoted by The Wall Street Journal. Earlier, Blockchain software firm ConsenSys laid off 11% of its workforce.

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