Official announcement! Foresight Ventures formally acquires a majority stake in The Block

On November 13, 2023, Singapore-based crypto venture capital firm Foresight Ventures announced the acquisition of a majority stake in crypto media agency The Block at a valuation of $70 million.

The deal, which has been completed, will help Foresight’s media business expand into the U.S. and European markets, while providing The Block with the necessary funding to expand into Asia and expand its product portfolio. Moelis & Company LLC will serve as exclusive financial advisor and Latham & Watkins will serve as legal advisor to The Block.

Forest Bai, CEO of Foresight Ventures, said The Block’s brand aligns with Foresight’s vision to bring more transparency and high-quality information to the fast-growing cryptocurrency industry, and Foresight’s media portfolio includes Chinese news sites Foresight News and BlockTempo, as well as Korean-language news site CoinNess. “The acquisition of The Block is a critical step that significantly enhances Foresight Ventures’ position in the cryptocurrency industry, and The Block’s research and data capabilities are superior to consistently deliver high-quality, unbiased content, which aligns with our objectivity, research-driven insights and core principles of improving the industry, and this acquisition reaffirms our strong commitment to maintaining high journalistic standards and integrity,” Forest Bai noted.

The Block is the preeminent information services brand in the crypto space, known for its comprehensive news, research, and data insights. Larry Cermak, CEO of The Block, has led a strategic overhaul to foster a resilient business model that continues to deliver the best news, research and data in the industry. Notable developments include the launch of Pro Deals, a crypto fundraising database; It also launched the Priority News API, which provides real-time news streams to institutional clients via WebSockets; In addition, The Block has launched a price page and educational content to boost website functionality and SEO.

Upon completion of the acquisition, The Block will continue to operate as a separate business and maintain its existing business lines. Foresight Ventures will enhance The Block’s unique strengths, with the goal of expanding its reach while ensuring the integrity of its unique editorial and research teams.

As part of the acquisition, Foresight Ventures CEO Forest Bai will serve as Chairman of The Block’s Board of Directors, and Tony Cheng from Foresight Ventures will join The Block’s Board of Directors, a leadership change that underscores Foresight Ventures’ mentorship of The Block Grow and maintain its strong commitment to success in the cryptocurrency and blockchain media space.

Larry Cermak, CEO of The Block, said, “We were looking for a partner who understood The Block’s vision and could amplify the needs of our unique capabilities, and at Foresight Ventures, we found a partner who not only had a comprehensive approach but also had an exemplary track record of improving the performance of media companies in Asia. The vision of working with them was very appealing, showcasing unrivalled synergies and demonstrating the highest standards of integrity. We have no doubt about their commitment to maintaining The Block’s independence, allowing us to expand our global reach while maintaining integrity.”

The acquisition is a strategic step in The Block’s strategy to unite a global audience, enhance Foresight Ventures’ research capabilities, and strengthen its commitment to upholding journalistic integrity in the crypto industry.

About Foresight Ventures

Foresight Ventures is a crypto fund focused on supporting Web3 projects that embody the spirit of decentralization while driving cryptocurrency toward long-term mainstream adoption. With an impressive global industry network, Foresight Ventures prides itself on its media connections, enabling Foresight Ventures to elevate the projects it supports to significant visibility and impact.

Foresight Ventures manages a number of funds, including a venture capital fund, an actively managed secondary fund, a multi-strategy FOF and a private markets secondary fund. As a one-stop shop for crypto projects, Foresight Ventures provides incubation, investment, and advisory services throughout the project lifecycle.

About The Block

The Block is a leading information services brand in the crypto space, with leading expertise in news, research, and data, and providing objective and nuanced insights into how this emerging industry is intertwined with technology, government, and financial markets. The Block makes informed decisions for those who invest, engage in, or are interested in learning about digital assets.