In a recent tweet, CEO and co-founder of major crypto exchange Binance, Changpeng Zhao, widely known as CZ, stated that his company does not plan to buy CoinDesk crypto news giant.
CoinDesk was put on sale after its founder, the Digital Currency Group led by billionaire Barry Silbert, faced liquidity trouble following the bankruptcy of its lending crypto company, Genesis. Silbert's DCG bought CoinDesk back in 2016 for a staggering half a billion USD.
CZ denied Blockworks’ report that Binance was trying to acquire CoinDesk via CoinMarketCap, with the actual purchase price expected to be closer to $75 million. The Cardano founder had earlier expressed interest in acquiring CoinDesk.— Wu Blockchain (@WuBlockchain) March 14, 2023
A recently published article in a crypto news outlet stated that Binance Capital Management (BCM) was planning to acquire CoinDesk for $75 million via CoinMarketCap. The latter was acquired by Binance in 2020.
Earlier, U.Today reported that investment bankers were willing to pay as much as $200 million for the popular crypto news company. Some buyers, though, believe that despite the high reputation and influence of CoinDesk, the aforementioned price tag is far too high for it.
Aside from anonymous VC bankers, the founder of the Cardano chain, Charles Hoskinson, also expressed interest in purchasing the crypto news outlet. In January this year, Hoskinson shared in a live stream on YouTube that he was interested in buying it in order to bring back journalistic integrity.
He complained that, in the past, Cardano and himself were treated pretty unfairly by the media, both mainstream and crypto.
Still, CZ made it clear that he is not interested in acquiring CoinDesk. He said that it could be a good business; however, it does not fit in with the "geographic coverage" of Binance.
Not “on hold”. Not buying.— CZ 🔶 Binance (@cz_binance) March 14, 2023
It may be a good business. But not a fit in our geographic coverage. 🙏