Author: Ma He, Foresight News
On June 12, Blockworks, a leading platform in crypto data and capital markets, announced the acquisition of its long-time competitor Messari for a transaction price exceeding $10 million. Messari had reached a valuation of approximately $300 million in 2022, making this sale price a significant discount. This highlights the survival pressures faced by high-valuation startups and the consolidation wave in the data infrastructure sector during a deep bear market.
In the official announcement, Jason Yanowitz, Co-founder of Blockworks, stated, "For eight years, Messari has provided the industry with transparency, market intelligence, and comprehensive data coverage for every crypto asset, building the industry's most extensive dataset. This integration will combine Blockworks' strengths in issuer disclosure, investor relations, and compliance workflows with Messari's strengths in data breadth and API capabilities, jointly building a 'single source of truth' for on-chain markets."
Transaction Details
According to Blockworks' official announcement and confirmation by multiple media outlets, following the acquisition, Messari CEO Diran Li will join Blockworks in a senior leadership role.
Diran Li
Messari's core assets, including its data platform and API, will be integrated into the Blockworks system. This API supports multi-dimensional data such as assets, markets, exchanges, news, research, stablecoins, protocols, networks, token unlocks, fundraising, social sentiment, event monitoring, and watchlists, and is already used by funds, exchanges, developers, and various market participants.
Blockworks indicated that this transaction is its first major acquisition following the completion of its Series A extension funding several weeks ago. That funding round valued the company at approximately $192 million, was co-led by ParaFi Capital and Reciprocal Ventures with participation from Coinbase Ventures, and its stated purpose was to consolidate the fragmented data and information landscape in the crypto space.
Blockworks and Messari
Founded in 2018 by Jason Yanowitz and Michael Ippolito and headquartered in New York, Blockworks initially focused on media and events, accumulating significant influence among crypto professionals and investors through podcasts (like Empire), research reports, and offline summits.
Jason Yanowitz and Michael Ippolito
As the industry matured, the company gradually pivoted from content creation to an on-chain capital markets intelligence platform, focusing on building institutional-grade data, investor relations, and compliance tools.
Around October 2025, Blockworks shut down its news department, concentrating resources on the data, investor relations, and compliance services segments, with its Blockworks Intelligence business line becoming a key growth area. The Series A extension funding completed this April was precisely to fuel this transition and subsequent M&A. Yanowitz publicly stated that the company's revenue is scaling rapidly, and this funding round was explicitly aimed at "consolidating the fragmented crypto data and information landscape."
Blockworks' strength lies in its issuer-side capabilities: helping on-chain asset issuers (protocols, chains, foundations, applications, stablecoin and RWA issuers, prediction markets, etc.) establish standardized disclosure frameworks, investor relations processes, and compliance workflows. Its products already serve institutions looking to enter on-chain markets, providing end-to-end support from due diligence to continuous monitoring.
Messari, also founded in 2018 and headquartered in New York, was established by Ryan Selkis and Dan McArdle. The company initially focused on professional-grade crypto research and data analysis, quickly becoming the go-to platform for institutional and retail investors seeking reliable information.
Ryan Selkis
In September 2022, Messari raised $35 million in a Series B funding round led by Brevan Howard Digital and followed by Point72 Ventures among others, valuing the company at approximately $300 million. This funding round occurred at the tail end of the bull market, reflecting the strong demand for high-quality data infrastructure at the time. However, the prolonged bear market post-2022, with tightening crypto project funding and trading volume pressures, presented real challenges for Messari. Following the departure of co-founder and former CEO Ryan Selkis in 2024, the company underwent workforce optimization. In a bear market environment, high-valuation data companies struggled to sustain previous growth expectations, facing increasing survival pressure.
Behind the Acquisition
According to Architect Partners' data, there have been 144 M&A transactions so far in 2026, totaling $11.8 billion, an increase of about 3.5% compared to the same period last year. Against a backdrop of pressure on trading volumes and token prices, some high-valuation startups are opting for mergers and acquisitions to achieve resource consolidation or exit.
Eric Risley, Founder of Architect Partners, pointed out that the industry is in a phase of divergence, where pressure may lead to more distress sales. The gap between Messari's $300 million valuation and its final sale price of just over $10 million exemplifies this phenomenon—early valuations based on growth narratives are being recalibrated against fundamentals and capital efficiency.
Yanowitz emphasized in the announcement: "This acquisition connects two sides of the market — issuers maintaining verifiable records of their operations, and investors, exchanges, and regulators consuming those records through research, APIs, and automated workflows." The core data foundation provided by Messari is precisely the prerequisite for AI agents to function effectively: an agent's capability depends on the data it can access and the APIs it can call.
The crypto industry is currently at a critical inflection point: institutional adoption is accelerating on-chain, sectors like stablecoins, RWA, and prediction markets continue to expand, driving surging demand for standardized disclosure, compliance monitoring, real-time data, and programmable access. In traditional financial markets, platforms like Bloomberg, FactSet, and S&P Global built data moats through long-term consolidation; the crypto field similarly requires such infrastructure but must adapt to the characteristics of on-chain native, real-time, and structured data.
By building upon Messari's vast dataset and overlaying its own issuer-side disclosure and IR capabilities, Blockworks aims to form a full-cycle solution from data collection, verification, and analysis to distribution and compliance. The introduction of AI will further accelerate this process, as high-quality, structured data is the core fuel for training and operating on-chain agents. For the Messari team, joining a platform with greater resources and strategic clarity allows its data assets to deliver value within a larger ecosystem, rather than continuing to contract under the pressure of independent operation.
The crypto data and research sector is transitioning from a period of flourishing diversity to consolidation of the fittest. Through market cycles, data and trust constitute long-term moats, and consolidation is often one of the optimal paths to navigate these cycles.
