Foresight Ventures Acquires Majority Stake in The Block for $60 Million
Singapore's Foresight Ventures acquires 80% of The Block for $60 million, valuing the crypto media firm at $70 million. The deal aims to spur growth and expand into Asia.
Singapore's Foresight Ventures acquires 80% of The Block for $60 million, valuing the crypto media firm at $70 million. The deal aims to spur growth and expand into Asia.
This article is authored by an independent contributor.
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In a major move, crypto media company The Block has sold an 80% stake to Singapore-based venture capital firm Foresight Ventures for $60 million, valuing the company at $70 million. The deal allows The Block to start afresh, with Foresight Ventures emphasizing its commitment to maintaining the media company's independence.
Larry Cermak, CEO of The Block, retains the second-largest share in the company. Foresight CEO Forest Bai will become chairman and partner Tony Cheng will join the board. Cermak expressed optimism about the "fresh start" and the capital infusion, emphasizing plans for new products and expansion into Asia and the Middle East.
The acquisition helps The Block distance itself from the FTX scandal, where ties to the defunct exchange raised concerns. Former CEO Mike McCaffrey's loans from FTX's Sam Bankman-Fried led to a change in leadership, making room for Cermak.
Foresight Ventures aims to assist companies in attracting users from Asia, citing increased regulatory clarity and capital flow. The deal includes an undisclosed investment in ads during the first year, with most funds used to buy out McCaffrey's stake and address change of control.
The move is strategic for Foresight Ventures, which has stakes in other Asian crypto media like Block Temp, Foresight News, and CoinNess. The venture believes it can support The Block's growth during the challenging crypto bear market that has led to layoffs in the industry.
With this acquisition, The Block aims to rebound from past setbacks, including a significant staff reduction. Foresight Ventures sees an opportunity to contribute to The Block's expansion, leveraging its experience in the dynamic crypto media landscape.
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