Singapore-based cryptocurrency venture capital firm Foresight Ventures has acquired a majority stake in renowned cryptocurrency media outlet The Block, valuing the company at $70 million.
Summary:
Foresight Ventures expands its presence in the cryptocurrency media sector with the successful acquisition of a majority stake in The Block, a Singapore-based cryptocurrency media outlet with an estimated valuation of $70 million.
Singapore, November 13, 2023 – Leading investment company Foresight Ventures, headquartered in Singapore, announced the successful acquisition of a majority stake in The Block, further expanding its business in the cryptocurrency media industry. The Block is valued at $70 million.
This transaction will help Foresight expand its media product portfolio into the US and European markets, while providing The Block with the necessary capital to expand into Asia and develop its product offerings.
Forest Bai, CEO of Foresight Ventures, stated that the acquisition of The Block is a significant step in enhancing Foresight Ventures’ position in the cryptocurrency industry. The Block’s outstanding research and data capabilities consistently provide high-quality, unbiased content that seamlessly aligns with our objective, research-driven insights and core principles of industry improvement.
Larry Cermak, CEO of The Block, will retain his position. The Block is renowned for its comprehensive news, research, and data insights. Larry Cermak has led strategic reforms to cultivate a flexible business model that continues to provide the best news, research, and data in the industry.
Notable progress includes the introduction of Pro Deals, an advanced cryptocurrency fundraising database. The company has also launched the Priority News API, which delivers real-time news streams to institutional clients through WebSockets.
Following the acquisition, The Block will continue to operate as an independent entity and maintain its existing business lines. Foresight Ventures will enhance The Block’s unique advantages, aiming to expand its influence while ensuring the integrity of its distinctive editorial and research team.
As part of this acquisition, Forest Bai, CEO of Foresight Ventures, will serve as Chairman of The Block’s board. Larry Cermak, CEO of The Block, stated that this acquisition will bring significant benefits to both organizations and enhance their capabilities to serve the cryptocurrency industry.
About Foresight Ventures:
Foresight Ventures is a cryptocurrency fund that focuses on supporting Web3 projects that embody the spirit of decentralization while driving cryptocurrency towards long-term mainstream adoption.
Foresight Ventures manages multiple funds, including venture capital funds, actively managed secondary funds, multi-strategy FOFs, and private market secondary funds. As a one-stop service provider for cryptocurrency projects, Foresight Ventures offers incubation, investment, and advisory services throughout the project lifecycle.
Its investment portfolio covers various sectors, including public chains, DeFi, NFTs, GameFi & Metaverse, Web3 social & creators, infrastructure, media, VC, and asset management. It spans across public chain networks such as Solana, Aptos, Sui, NEAR, Flow, Avalanche, and is also one of the major investors in the Bitget exchange.
About The Block:
The Block is a leading information service brand in the cryptocurrency field. It offers unparalleled expertise in news, research, and data, providing objective and detailed insights into how this emerging industry intersects with technology, government, and financial markets. The Block provides informed decision-making for those investing in, using, or interested in understanding digital assets.