Valuation collapse underscores consolidation pressure across digital asset infrastructure
Blockworks, a New York-based crypto data platform, is acquiring rival Messari for just over $10 million in an all-cash or equity deal funded partly through Blockworks’ Series A extension. The transaction combines two major data platforms and marks a dramatic valuation reset for Messari, which raised $35 million at an approximate $300 million valuation during its Series B in 2022.
Jason Yanowitz and Michael Ippolito, co-founders of Blockworks, structured the deal to merge Blockworks’ issuer-focused infrastructure with Messari’s comprehensive data platform. Messari covers 40,000 digital assets through APIs, market intelligence, research tools, and AI-powered workflows used by funds, exchanges, regulators, and developers.
“This acquisition connects the two sides of the market,” Yanowitz said. “Issuers maintain a trusted record of their business, and investors, exchanges, and regulators consume that record through research, APIs, and automated workflows.”
Blockworks has positioned itself as a consolidator of crypto’s fragmented data and information market, drawing comparisons to Wall Street platforms like Bloomberg, FactSet, and S&P Global. The company raised capital specifically for M&A activity, valuing itself at $192 million in its Series A extension. ParaFi, Reciprocal Ventures, and Coinbase Ventures participated in that round.
Messari’s decline accelerated after co-founder and former CEO Ryan Selkis departed in 2024. The company subsequently reduced staff and repositioned itself as an “AI-first company” under new CEO Diran Li. Li will join Blockworks as a senior leader reporting to Yanowitz and Ippolito.
The acquisition reflects broader consolidation pressure in crypto infrastructure. Crypto M&A activity remains elevated despite challenging market conditions. Year-to-date through mid-2026, 144 crypto M&A deals have closed, representing $11.8 billion in total transaction value. That marks a 3.5% increase in activity compared to the same period last year.
Eric Risley, founder of Architect Partners, characterized the market dynamic bluntly: “We are in the midst of the creation of the haves and the have-nots.” Well-capitalized platforms are consolidating market share while smaller competitors face pressure to merge or shut down.
Messari’s acquisition price of $10 million represents a 96.7% decline from its 2022 Series B valuation. The deal reflects the reality that data platforms built during the 2021 bull market have struggled to achieve sustainable unit economics or differentiation as the market matured and regulatory scrutiny intensified.
Blockworks did not disclose the exact closing date or the precise mix of cash and equity in the transaction. The company also did not detail specific enhancements to its platform resulting from the acquisition.
