Blockworks Buys Messari for Over $10M, Down From $300M Peak

Blockworks, the crypto media company, has acquired the data and analytics firm Messari for more than $10 million. The price is a small fraction of the $300 million valuation Messari commanded in its Series B round in 2022.

The deal is the latest sign that the crypto market downturn has forced steep markdowns on companies that raised large rounds at the height of the boom. Data aggregators and research platforms were among the hottest targets in 2021 and 2022. Messari's $300 million valuation came during that peak. The acquisition at roughly 3% of that figure is one of the largest valuation collapses in the crypto infrastructure space.

Messari was founded in 2018 and became a primary source of on-chain data and asset screening for institutional investors. It raised about $50 million across several rounds. The firm's founder, Ryan Selkis, left the CEO role in early 2023. The company continued under new leadership but faced difficulties after crypto user activity slowed and fundraising dried up.

Blockworks was founded around the same time as a media outlet covering crypto markets and policy. Led by CEO Jason Yanowitz, the company expanded into events, newsletters, and a paid subscription service. The Messari acquisition adds a data and analytics product to that stack.