Crypto media The Block sells $70m majority stake to Foresight Ventures
Crypto media firm The Block sold a majority stake to Foresight Ventures in a deal, valuing it at $70 million. Most capital is used to buy out former CEO Mike McCaffrey’s stake. He resigned after the news that he secretly accepted millions from former FTX CEO Sam Bankman-Fried. CEO of The Block, Larry Cermak, confirmed the deal on X (formerly Twitter). He added that he will stay CEO, and nothing else is impacted. Cermak noted that running the company and getting it to a more sustainable state while working at this deal was very difficult. 1/ Big news today as we announce Foresight Ventures acquired a majority stake in The Block. This tx gives The Block a fresh start ahead of the bull market and provides us with more capital to build out new exciting products and expand our footprint into Asia and the Middle East. https://t.co/1ohnptiKwQ — Larry Cermak (@lawmaster) November 13, 2023 Foresight CEO Forest Bai will become chairman of The Block. Partner Tony Cheng will al...