Foresight Ventures, a Singaporean Web3 VC firm, has announced it acquired a majority stake in The Block, a cryptocurrency-focused news outlet. The deal, which values The Block at around $70 million, will allow the news platform to purchase the stake belonging to former CEO Mike McCaffrey, who had received funding secretly from Alameda Research, an investment company co-founded by former FTX CEO Sam Bankman-Fried.
Foresight Ventures Acquires 80% Stake in The Block
Foresight Ventures, a Singaporean Web3 and crypto-focused investment firm, acquired a majority stake in The Block, a cryptocurrency news outlet. According to reports from Axios, the deal valued the company at $70 million and allowed the VC firm to acquire 80% of the company for roughly $60 million.
The funds will be used almost entirely to buy out the company’s stake still in the hands of former The Block CEO Mike McCaffrey, who acknowledged he had received more than $40 million in loans from Alameda Research, a VC firm co-f
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