Media outlet The Block acquired by venture capital firm Foresight Ventures, selling 80% stake for a valuation of 70 million euros.

The Block's CEO, Larry Cermak, announced that Foresight Ventures has acquired a majority stake in The Block. Cermak will continue as CEO. Foresight Ventures valued The Block at $70 million and purchased an 80% stake for $60 million. Source

In addition to news, The Block also offers data and analytics products as well as subscription-based content.

Foresight Executives Take Over The Block

According to reports, Foresight will allow The Block to continue operating independently, with CEO Forest Bai becoming the Chairman of The Block, and partner Tony Cheng joining the board. This gives Foresight half of the board seats and the majority of shares, with CEO Larry Cermak as the second largest shareholder.

Foresight Ventures is also one of the main investors in the exchange Bitget.

Foresight to Fund The Block with Advertising Budget

Reports indicate that Foresight did not directly bring in funds for The Block through share sales, but has agreed to allocate an undisclosed advertising budget in the first year.

Past Controversy: The Block's Relationship with FTX

Former CEO of The Block, Mike McCaffrey, who once held the majority of The Block's shares, stepped down last year after it was revealed that he borrowed millions of dollars from FTX founder Sam Bankman-Fried for a property in the Bahamas. The current CEO of The Block had borrowed $43 million from SBF and acquired property in the Bahamas, and has since taken over as CEO.