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Foresight Ventures Takes Majority Stake in Crypto Media Firm The Block
Singapore-based Foresight Ventures has completed the acquisition of a majority stake in The Block, a prominent crypto news and data provider. The deal, which valued the company at $70 million, marks a significant move for Foresight Ventures, an investment organization specializing in blockchain technology and crypto business.
The Block’s Acquisition Deal With Foresight
Foresight Ventures, which manages $400 million in assets, purchased approximately 80% of The Block for $60 million, which was primarily used to buy out McCaffrey’s stake. The remaining funds, totaling less than $1 million, satisfied a change of control clause.
CEO Larry Cermak expressed excitement about the future, stating that the company intends to “build out new exciting products” and expand its operations into Asia and the Middle East. Cermak added that he would remain as CEO and nothing else would be impacted.
Foresight CEO Fo
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