Over the last six months, we’ve grown accustomed to crypto trading firms shelling out big bucks for the naming rights to stadiums, sports team sponsorships and Super Bowl ads. So perhaps it was only a matter of time before these cash-flush firms did one better and bought stakes in iconic U.S. companies.
That’s the cleanest explanation for why Binance, the largest cryptocurrency exchange, is investing $200 million in Forbes, the 104-year-old magazine and website publisher. A bid from Binance comes at an opportune time: As Martin writes in The Briefing, media-company mergers with special purpose acquisition companies have been on shaky ground since the recent sell-off in stocks and the poor performance of IPOs.
