As the woes of Digital Currency Group (DCG) worsens, the firm has decided to put up some of its assets for sale and this include its crypto media, Coindesk, a subsidiary of the firm. The firm has reported to have received an offer of $200M+ and the co-founder of Cardano, Charles Hoskinson is looking at taking position in the firm.
To aid its current path for a full or partial, report form WSJ showed that Coindesk has sought the help of Investment Bankers from Financial Advisory firm, Lizard. The sae is to help boost the balance sheet of DCG.
Coindesk has been priced above $200 million in past months which is an increase from its initial purchase price in 2016 for $500,000. The return records 39,900% if sold at $200 million.
Hoskinson disclosed in a Twitter video he captioned “Buying Twitter,” noting his intention to take position in the media firm, however he said that Coindesk is over priced and he could afford it’s purchase. Also, he is considers revamping it into a mix of a news and community site. “At $200 million, I believe it’s a bit overpriced.” “I could afford it if I really wanted to.” Hoskinson said.
Hoskinson’s consideration to purchase Coindesk comes after he made a tweet about realizing Coindesk is for sale. The public information by Charles Hoskinson was shared the same day, in the morning and in the evening.
CoinDesk and Genesis count as part of the crypto related businesses DCG has in its venture capital portfolio. As Coindesk battles with a sale-off, Genesis just filed a chapter 11 bankruptcy with the United States bankruptcy court.
Digital Currency Group also has the asset management firm Grayscale Investments, crypto exchange Luno and advisory firm Foundry, as part of its venture capital portfolio. While no mention has been made on whether it would offer these others for sale, the industry would just have to wait to see how DCG manages this crisis, and how much of its former structure will remain.
What do you think of this article? Share comments below.