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CoinDesk Ropes In Lazard Advisors To Weigh Sale: Report

  • Coinbase Global, Inc (NASDAQ: COIN) reportedly hired Lazard, Ltd (NYSE: LAZ) advisors as it explored a potential sale that would remove it from Barry Silbert's Digital Currency Group (DCG).

  • CEO Kevin Worth's email acknowledged receiving numerous inbound indications of interest in CoinDesk, CNBC reports.

  • Worth said Lazard would help CoinDesk explore various options to attract growth capital to the CoinDesk business, which may include a partial or complete sale.

  • Also Read: Coinbase Ceases Japan Operations As Planned Despite The Country's Crypto Concessions

  • DCG acquired the media company in 2016 for $500,000, the Wall Street Journal reports.

  • CoinDesk generated $50 million in revenue last year from online advertising and its index and events business.

  • CoinDesk broke the first story about potential balance sheet incorrectness at Sam Bankman-Fried's Alameda Research.

  • CoinDesk's reporting flared a downward spiral at crypto exchange FTX, ultimately leading to its collapse in November, the arrest of Bankman-Fried, and multiple regulatory probes.

  • The contagion from the FTX meltdown hit CoinDesk sister company Genesis, a crypto lender owned by DCG that's hired advisors for a potential bankruptcy filing.

  • Genesis is also the subject of an SEC charge alongside the crypto exchange Gemini.

  • In January, DCG suspended all dividend payments to its shareholders until further notice following contagion in the crypto space brought on by the bankruptcy of Sam Bankman-Fried's FTX exchange.

  • Price Action: COIN shares closed lower by 7.26% at $50.21 on Wednesday.

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