Blockworks acquires Messari for $10M+, a fraction of its…

Crypto media and data firm Blockworks has acquired research platform Messari for more than $10 million, according to a person familiar with the matter cited by the Wall Street Journal. The price tag is a steep discount to the roughly $300 million valuation Messari commanded during its Series B funding round in 2022. Messari CEO Diran Li will join Blockworks' leadership team following the close of the deal.

Why it matters

The acquisition is a stark illustration of how far crypto-native research and data businesses have fallen from their 2021-2022 peak valuations. Messari was once positioned as a Bloomberg-style intelligence layer for the digital asset industry, raising capital at a valuation that reflected that ambition. A sub-$10M exit — roughly 97% below that peak — signals that the independent crypto research model struggled to find sustainable revenue at scale, particularly through the prolonged bear market. The deal also follows a period of management changes and internal restructuring at Messari, suggesting the sale was at least partly a distressed outcome.

Market impact

For Blockworks, the acquisition consolidates two of the more recognisable brands in crypto media and data under one roof, potentially strengthening its institutional research offering. Investors and founders in the crypto infrastructure and data space will read the price as a cautionary benchmark: 2022-era Series B valuations in this sector have not recovered, and consolidation at distressed prices may continue.