CoinDesk could be up for grabs as parent company DCG scrambles for funds

Crypto media outlet CoinDesk is supposedly considering a potential sale as its parent company Digital Currency Group (DCG) aims to strengthen its balance sheet.According to The Wall Street Journal, CoinDesk has looked for the aid of investment lenders from the monetary advisory company Lazard, who are assisting the company weigh choices including a complete or partial sale.You understand,

I simply recognized that Coindesk is for sale. pic.twitter.com/QqmBPOClpu!.?.!— Charles Hoskinson(@IOHK_Charles

)January 19, 2023 DCG has actually supposedly received several offers surpassing$200 million

for the media firm over the last couple of months, which would result in a sensational return on investment considered that DCG supposedly obtained the company for simply $500,000 in 2016. Barry Silbert’s DCG appears to be in serious financial strife just recently, and revealed to shareholders on Jan. 17 that it would be stopping dividends in an effort to reinforce its balance sheet and”preserve liquidity. “On Jan. 18, Bloomberg reported that another DCG subsidiary, crypto financing firm Genesis Global, was planning to apply for bankruptcy after revealing it owed lenders over$3 billion– likely a prominent aspect adding to DCG’s financial issues. CoinDesk and Genesis are amongst some 200 crypto-related businesses in DCG’s equity capital portfolio, according to its website. Other business that DCG owns include asset management firm Grayscale Investments, crypto exchange Luno and advisory company Foundry.Related: Gemini and Genesis’legal problems stand to shake up industry further Some believe that CoinDesk’s article in November exposing the abnormalities in Alameda Research’s balance sheet was the very first domino that eventually led to the fall of crypto exchange FTX and the liquidity issues now being faced by Genesis and its moms and dad business DCG and the wider crypto market.Pandoraland has connected to CoinDesk for verification that a prospective sale was being considered, but was yet to receive a response at the time of publishing.