Blockworks buys Messari for a 97% haircut, because even crypto's $300M darlings do fire sales 🪞

Blockworks has acquired crypto research and analytics firm Messari for more than $10 million, according to a Wall Street Journal report, a fraction of the roughly $300 million valuation Messari commanded after its $35 million Series B round in 2022. Backed by investors including Brevan Howard Digital and Point72 Ventures, Messari had spent the past several years building out data coverage and institutional research products before a string of operational setbacks brought it to the sale block. The Wall Street Journal reported the discount reflects both Messari's recent struggles and broader weakness across the crypto sector.

Earlier this year, Messari replaced CEO Eric Turner with Diran Li and reduced headcount as part of a broader shift toward artificial intelligence. In a LinkedIn post announcing the change, Li said the company had "parted ways with many teammates" while transitioning to an "AI-first company." Founded in 2018, Blockworks began as a crypto media and events company before expanding into research and data products, and in April announced a Series A extension at a $192 million valuation.

In a blog post announcing the acquisition, Blockworks said Messari provides data coverage for more than 40,000 digital assets and operates an API used by investors, exchanges and developers. The company said the combined business would expand its market data, research, compliance and investor-relations offerings. In a separate post on X, Messari wrote that existing users would continue to have uninterrupted access to its enterprise services and APIs following the deal.

The deal is the latest in a wider consolidation wave across crypto data, research and media platforms. Earlier this month, Paris-based crypto data firm Kaiko acquired Amberdata, a US-focused digital asset data provider, to expand its offerings in derivatives analytics, onchain data and AI-powered research tools, with Kaiko saying the move would help it serve institutional clients including banks, asset managers, hedge funds and exchanges. In January, blockchain oracle provider RedStone acquired Security Token Market and its TokenizeThis conference, adding a dataset covering more than 800 tokenized assets across equities, real estate, debt and funds. A few months later, the Jito Foundation acquired SolanaFloor, a Solana-focused news, research and analytics platform, after it shut down following a $40 million treasury wallet breach at parent company Step Finance, reviving the publication while keeping its editorial team in place.