Singapore-based investment firm Foresight Ventures has acquired an 80% stake in crypto news publication The Block for $60 million, according to a person familiar with the matter.
Foresight Ventures announced the finalized deal Monday. In a statement, the investment firm said that The Block will continue to operate as an independent business with the goal of growing the publication “while also ensuring the integrity of its distinct editorial and research teams.”
The fallout from the collapse of Sam Bankman-Fried’s empire has left some crypto publications scrambling for new financing. Axios reported late last year that The Block had been funded for over a year with money funneled to the media company’s chief executive from Bankman-Fried’s cryptocurrency trading firm.