CoinDesk’s CEO Kevin Worth Departs in Major Restructuring Led by New Owner Bullish

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By BitcoinWiki News

Key Takeaways:

  • CoinDesk’s CEO Kevin Worth has stepped down as part of a major restructuring effort led by the crypto exchange Bullish, which recently acquired the media outlet.
  • Key Members of CoinDesk’s Leadership Team to Depart
  • Bullish CEO, Tom Farley announced changes within the structure of CoinDesk.
  • Bullish acquired CoinDesk last year in an undisclosed all-cash deal. The acquisition will not impact the crypto news site’s operations.
  • An award-winning report by CoinDesk just over one year ago on FTX’s questionable balance sheet was the catalyst for the cryptocurrency exchange’s sudden demise.
  • DCG and Genesis, both subsidiaries of CoinDesk, are facing a lawsuit from the New York Attorney General’s office over misleading investors.

1. Leadership Restructuring at CoinDesk
2. Impact of Bullish’s Acquisition
3. Changes in Ownership and Management
4. CoinDesk’s Future Under New Leadership
5. Legal Issues and the Future of CoinDesk

1. Leadership Restructuring at CoinDesk

CoinDesk’s CEO Kevin Worth has stepped down as part of a major restructuring effort led by the crypto exchange Bullish, which recently acquired the media outlet. Bullish has appointed Sara Stratoberdha, who previously spearheaded business development for the exchange, as the new CEO of CoinDesk. The restructuring extends beyond the CEO position, as several other key members of CoinDesk’s leadership team will also be departing. Among them are Chief Operating Officer Elinor Hirschhorn, Vice President of Engineering John DeGuether, and Executive Director of Global Strategy Emily Parker. Chief Content Officer Michael Casey’s role will no longer be full-time, but discussions are underway with Bullish to explore potential ongoing involvement with CoinDesk in a different capacity.

2. Impact of Bullish’s Acquisition

Last year, Bullish acquired CoinDesk in an undisclosed all cash deal. At the time, Bullish said that the acquisition won’t impact the crypto news site’s management team and that the news site will operate as an independent subsidiary. CoinDesk’s transfer of ownership came after a tumultuous period for the company and its former owner Digital Currency Group (DCG). An award-winning report by CoinDesk just over one year ago on FTX’s questionable balance sheet was the catalyst for the cryptocurrency exchange’s sudden demise. However, the collapse of FTX had a direct impact on DCG, who had funds in FTX via its lending subsidiary Genesis.

3. Changes in Ownership and Management

While the ownership has changed, a CoinDesk spokesperson told that the company will continue to operate as an independent subsidiary under Bullish. As part of the shift, certain functions within CoinDesk, including Human Resources, will now report to their counterparts at Bullish. Additionally, CoinDesk’s technology and product teams will be integrated with Bullish. Bullish has outlined the restructuring’s objective of streamlining CoinDesk’s media, indices, and events businesses into a more streamlined organizational structure.

4. CoinDesk’s Future Under New Leadership

Bullish CEO Tom Farley shared the changes with CoinDesk and Bullish employees through a memo, outlining the restructuring’s objective of streamlining CoinDesk’s media, indices, and events businesses into a more streamlined organizational structure. “Sara and the CoinDesk leadership team are thrilled about the opportunity to invest in and grow CoinDesk’s media, events, and indices.” Despite these changes, CoinDesk is committed to maintaining its journalistic independence and integrity under the new leadership. CoinDesk will remain an independent subsidiary of Bullish, and Sara Stratoberdha is committed to maintaining CoinDesk’s journalistic independence and integrity.

5. Legal Issues and the Future of CoinDesk

DCG and Genesis have both faced a lawsuit from the New York Attorney General’s office over allegedly misleading investors. Despite these challenges, CoinDesk’s future under Bullish’s ownership and new leadership remains promising as the media outlet is poised to invest in and grow its media, events, and indices businesses. The changes in ownership and management, as well as the streamlining of the organizational structure, signal a new chapter for CoinDesk, which will continue to provide independent and quality journalism in the cryptocurrency space.

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