Singaporean VC firm Foresight Ventures buys 80% stake in The Block News ▸ Singapore ▸ FTX ▸ Investments
Singaporean VC firm Foresight Ventures buys 80% stake in The Block
The acquisition alleviates financial burdens on the company brought about by financial entanglements with FTX, but does not provide new working capital.
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Updated: Nov. 13, 2023 at 6:41 pm UTC
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Foresight Ventures, a Singapore-based investment firm, has bought a majority stake in crypto media company The Block, purchasing an 80% stake at $60 million.
This strategic acquisition comes almost a year after the collapse of FTX and Alameda Research, from the latter of which The Block’s previous CEO, Mike McCaffrey, had borrowed several million dollars. The ties to the FTX scandal had resulted in a precarious fiscal situation for publication, as McCaffrey was found to have used funds not only to finance a property in the Bahamas but also to buy out non-employee shareholders.
The Foresight Ventures deal loosens the grip these woes have over the publication. The Singaporean VC firm has confirmed that Larry Cermak will continue as CEO of The Block while Foresight’s CEO Forest Bai will assume the role of the Chairman. Partner Tony Cheng will also join the Board, giving Foresight two of the four seats, a stark contrast from a year ago when only McCaffrey graced the board.
No new capital
Notably, the deal with Foresight Ventures, which holds assets under management worth about $400 million, does not directly inject capital into The Block. However, Foresight has committed to an undisclosed minimum spend on ads within the first year, implying an indirect investment in the company’s growth.
In a broader context, the acquisition extends Foresight Venture’s foothold in the U.S. while creating a pathway for the publication’s expansion into the Asian market.
The deal also adds to Foresight’s portfolio of minority stakes in other Asian crypto media outlets, namely Mandarin-language sites BlockTempo and Foresight News, and Korean-language site CoinNess. This consolidation underscores the increasing pressure on crypto media entities to adapt and thrive amidst market fluctuations.
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Jacob Oliver
Jacob Oliver is a recovering academic and English teacher turned crypto journalist and web3 writer. He holds a Ph.D. from the University of Washington.
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The Block
The Block is one of the leading global information services in the digital asset space.
FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Alameda Research
Alameda Research was once a principal trading firm, operating as an arm of the failed crypto exchange, FTX.