Bitget’s Venture Fund Acquires Major Stake in The Block

Foresight Ventures sets its sights on crypto journalism, acquiring The Block amid leadership changes. Read more on DailyCoin.

Bitget's Gracy Chen surrounded by transparent DEFI bubbles.
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  • Foresight Ventures acquires majority stake in The Block.
  • The Block’s leadership changes post-loan scandal.
  • The deal is worth $50 million.

Foresight Ventures, an investment firm with a keen eye on digital assets, has entered a pivotal role by acquiring a majority stake in The Block. This transaction follows a series of leadership changes sparked by controversies in the media company. 

Foresight Ventures’ Acquisition of The Block

On Monday, November 13, the landscape of crypto media shifted as Foresight Ventures, known for its substantial investments in the sector, took control of The Block. 

Foresight Ventures, a Singapore-based venture firm with a history of hefty investments in the crypto and non-crypto sectors alike, has invested $50 million in the company. In communication with DailyCoin, Foresight Ventures strategic partner for ecosystem development Bitget confirmed that the fund’s substantial investment has won it a majority stake in The Block. 

This acquisition comes in the wake of a transparency issue in The Block. Notably, former CEO Michael McCaffrey resigned due to non-disclosure of loans received from Alameda Research.

In 2021, McCaffrey had reportedly secured $43 million in loans from Alameda Research, using the funds to acquire additional stakes in The Block and to funnel capital into its operations. The loans only came to light post-FTX’s downfall, leading to McCaffrey’s resignation.

Foresight Ventures, the venture arm of the Bitget exchange, has invested around $70 million in over 77 crypto and non-crypto ventures so far this year. 

On the Flipside

  • Since the Alameda loan scandal, The Block has seen a change in leadership, with Forest Bai and Tony Cheng at the helm. 
  • Forest Bai, CEO of Foresight Ventures, and General partner Tony Cheng will join The Block’s board of directors. 

Why This Matters

The Block’s ability to maintain rigorous journalistic standards under new ownership is critical for its credibility and the broader crypto information ecosystem.

Read more about Foresight Ventures investments:  
Space and Time Secures $20 Million Strategic Funding Led by Microsoft’s Venture Fund

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
David Marsanic

David Marsanic is a journalist for DailyCoin who covers the intersection of crypto, traditional finance, and government. He focuses on institutionalized crypto entities like major cryptocurrency exchanges and Solana, breaking down complex topics into easy-to-understand writing. David's prior experience as a business journalist at various crypto and traditional news sites has enabled him to maintain a critical approach to news while adhering to high journalistic integrity standards.