According to Foresight News, Foresight Ventures has announced the acquisition of a majority stake in crypto media outlet The Block, valuing the company at $70 million. The Block will continue to operate as an independent business and maintain its existing lines of operation. As part of the acquisition, Foresight Ventures CEO Forest Bai will serve as Chairman of The Block's board, while Foresight Ventures partner Tony Cheng will also join the board. Larry Cermak will continue in his role as CEO of The Block.
Foresight Ventures aims to enhance The Block's unique strengths and expand its influence while ensuring the integrity of its editorial and research teams. The completed acquisition will help Foresight's media business expand into the US and European markets, while providing The Block with the necessary funding to enter the Asian market and expand its product portfolio.
