Key Insights:
- Former reporter Sam Reynolds confirms Blockworks newsroom closure.
- The company raised $12M in 2023 at a $135M valuation from key investors.
- Blockworks launched a data sales division with $30M projected revenue.
- The shift reflects challenges facing crypto-focused media organizations.
Blockchain media outlet Blockworks is reportedly in the process of closing its newsroom, according to former reporter Sam Reynolds. In a post shared on social media, Reynolds expressed regret over the development, stating that he had “a lot of fun working there during the insanity of DeFi summer 2021” and wished former colleagues well.
While the company has not released an official statement confirming the shutdown, the news has circulated widely among crypto media professionals and industry observers. Blockworks has been a prominent source of coverage on blockchain technology, cryptocurrency markets, and institutional adoption since its founding in 2018.
Funding and Growth History
Blockworks previously attracted significant investor interest during its expansion phase. In May 2023, the company raised $12 million in a funding round that valued it at $135 million, with participation from investors such as 10T Holdings and Framework Ventures. The capital was used to strengthen its editorial operations, expand research initiatives, and build new data-driven business units.
Sad to hear @Blockworks_ is shutting down it's newsroom. Had a lot of fun working there during the insanity of DeFi summer 2021.
Hopefully everyone lands on their feet. pic.twitter.com/nTf68rqoFd
— Sam Reynolds (@thesamreynolds) October 29, 2025
In April 2025, Fortune reported that Blockworks had launched a data sales division as part of its long-term growth strategy. This move was designed to diversify revenue sources beyond traditional media advertising and events. The firm projected annual revenue exceeding $30 million, supported by increasing institutional demand for blockchain analytics and financial data.
The data-focused expansion marked a significant evolution in Blockworks’ business model, positioning it as both a media company and a data intelligence provider serving the digital asset industry.
Industry Context and Future Outlook
If confirmed, the newsroom closure would reflect broader challenges facing independent crypto media organizations, many of which have struggled to maintain profitability amid fluctuating advertising markets and reduced venture funding. The sector has seen several outlets reduce editorial staff or pivot toward research, analytics, and software-based business lines to ensure sustainability.
The reported changes, Blockworks’ remaining business divisions—including events and data products—are expected to continue operating. The company’s brand remains recognized for its influence within the digital asset ecosystem, where its conferences and institutional partnerships have played a key role in connecting traditional finance and crypto markets. As of this writing, Blockworks has not issued an official comment regarding the reported newsroom shutdown or future restructuring plans.
