Blockworks has acquired Messari for more than $10 million. Cointelegraph reported on June 12 that the deal will expand Blockworks' cryptocurrency data and research business.

Messari is a crypto research and analytics company backed by investors including Brevan Howard Digital and Point72 Ventures. Messari raised $35 million in a 2022 Series B funding round and was valued at about $300 million at the time.

The acquisition price is far below that valuation. The Wall Street Journal said the result reflects sluggish business at Messari and weakness across the crypto industry.

Messari this year replaced CEO Eric Turner with Diran Lee and cut staff as it shifted to an artificial intelligence-focused strategy. Lee wrote in a LinkedIn post that Messari parted ways with many employees as it transitioned into an "AI-first company".

Founded in 2018, Blockworks started as a crypto media and events company and expanded into research and data products. Blockworks in April announced an extended Series A funding round valuing the company at $192 million.

The two companies plan to expand market data, research, compliance and investor relations services after integration.

Messari said existing users will be able to continue using its enterprise services and APIs without interruption after the acquisition.