The media company’s CEO announced on Wednesday that cryptocurrency outlet CoinDesk Inc. is considering selling all or a portion of its operations and has appointed investment firm Lazard Ltd. to oversee the process.
With major token prices near two-year lows and a wave of bankruptcies from significant businesses, the crypto sector is going through one of its darkest periods.
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CEO Kevin Worth told Reuters in a statement that he hired Lazard to “examine alternative options to attract growth capital to the CoinDesk business, which may include a partial or full sale.”
The development occurs in the midst of an upheaval in the industry that started with the crash of the stablecoins TerraUSD and Luna early last year.
Top cryptocurrency exchange FTX recently declared bankruptcy, while publicly traded Coinbase Global Inc. let off a sixth of its workers after cutting over 1,000 positions in the previous year.
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Since its 2013 inception as a tracking tool for Bitcoin, New York-based CoinDesk has grown to become a significant source of news and pricing benchmarks for the complete range of cryptocurrencies.
According to its website, the business is fully owned by the venture capital firm Digital Currency Group, which also owns a stake in Coinbase.