Foresight Ventures announces acquisition of majority stake in The Block at $70 million valuation

Foresight Ventures has announced the acquisition of a majority stake in cryptocurrency media outlet The Block, valuing the company at $70 million. The Block will continue to operate as an independent business and maintain its existing operations. As part of the acquisition, Foresight Ventures CEO Forest Bai will serve as chairman of The Block's board of directors. In addition, Foresight Ventures partner Tony Cheng will also join The Block's board of directors. Larry Cermak will continue to serve as The Block's CEO.