The TradeBlock deal illustrates how important data and indexes are becoming to the industry. The price of bitcoin has nearly quintupled since the beginning of 2020, setting a new high above $34,000 Sunday, driven by a wave of investors looking to ride its momentum. The renewed interest has spurred demand for more sophisticated ways to track and trade cryptocurrencies.
CoinDesk, which built its business around news, hadn’t previously tried to make a profit off its own data products and price index. This deal, said Chief Executive Kevin Worth, “is a recognition that the market has shifted.” CoinDesk operates a website that gets about five million views a month and hosts live conferences, including the annual Consensus conference in New York that is the industry’s largest.