The Block valued at $70M in Foresight Ventures deal
In a strategic shift within the cryptocurrency media landscape, Singapore-based Foresight Ventures has acquired a majority stake in crypto news outlet and data provider The Block.
Foresight Ventures’ Majority Stake In The Block
Larry Cermak, CEO of The Block, mentioned via Twitter, “Big news today as we announce Foresight Ventures acquired a majority stake in The Block. This transaction gives The Block a fresh start ahead of the bull market and provides us with more capital to build out new exciting products and expand our footprint into Asia and the Middle East.”
Additionally, Tony Scuderi, Chairman and CEO of Imperii Partners, stated “The Block is a critical source of news and information for our industry, and Foresight is the perfect partner to ensure integrity and excellence on this important platform.”
Leadership Continuity and Expansion Plans
Cermak confirmed he would continue as CEO, ensuring leadership stability amidst this significant change.
He acknowledged the challenges and learning experiences encountered while steering the company and working on the transaction, with advisory assistance from Moelis & Company.
The Block’s recent Workforce Reduction
Earlier this year, The Block underwent a substantial reorganization, reducing its staff by approximately one-third. This reduction was part of a leadership shakeup that culminated in Cermak, previously the head of research, ascending to the role of CEO.
This move was a strategic adjustment aimed at streamlining operations and positioning the company for future growth under its new majority stakeholder.
Implications for The Block and the Crypto Media Industry
Commenting on the acquisition, Tim Copeland, editor-in-chief of The Block mentioned to Benzinga, “Excited to see the company move forward on a stronger ground as we continue to expand our news, research and data offerings.”
About Foresight Ventures
Foresight Ventures is a crypto fund focused on backing Web3 projects that embody an ethos of decentralization while moving crypto toward long-term, mainstream adoption. With an impressive global industry network at their disposal, they pride themselves on unparalleled media connections that enable them to elevate their projects to remarkable visibility and influence. Foresight Ventures manages multiple funds: a VC fund, an actively-managed secondary fund, a multi-strategy FOF, and a private market secondary fund. As a one-stop shop for crypto projects, Foresight Ventures provides incubation, investment, and advisory throughout the project life cycle. https://www.foresightventures.com/
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