Foresight Ventures acquires a majority stake in The Block at a valuation of $70 million

ChainCatcher news, Foresight Ventures announced the acquisition of a majority stake in the crypto media The Block, valuing The Block at $70 million. The Block will continue to operate as an independent business and maintain its existing lines of business. As part of this acquisition, Foresight Ventures CEO Forest Bai will serve as the chairman of The Block's board. Additionally, Foresight Ventures partner Tony Cheng will also join The Block's board. Larry Cermak will continue to serve as CEO of The Block.

Foresight Ventures will enhance The Block's unique advantages, aiming to expand its influence while ensuring the integrity of its editorial and research teams. The acquisition has been completed and will help Foresight's media business expand into the U.S. and European markets, while providing The Block with the necessary funding to enter Asia and expand its product portfolio.