The Block has named former Azuki COO Steve Chung as its new CEO, alongside a fresh $10 million investment from majority owner Foresight Ventures. The move builds on Foresight’s earlier roughly $60 million deal for about 80% of the company and points to a sharper focus on institutional research, data products, and enterprise services.
Leadership reshuffle puts Chung in charge
Chung’s background runs through Wall Street, legacy media, and Web3. He previously worked at Goldman Sachs in New York, later served as Chief Growth Officer at Fox Corporation and Chief Digital Officer at Fox Television Stations, and was also CEO of CJ ENM America. Most recently, he handled operations at Azuki, the NFT brand known for its anime-style decentralized IP strategy. Larry Cermak, who became CEO after Foresight acquired its stake in The Block in 2023, will shift into a president role centered on research, data, and product instead of day-to-day management.
New capital targets enterprise and institutional expansion
According to the company’s stated plan, the added $10 million will be used to scale institutional research and data offerings, expand enterprise business lines, and deepen The Block’s role as an information and data provider in the global digital asset market. The report also notes that Foresight has been active in Web3 infrastructure, AI, and Bitcoin Ordinals since 2022, with media positioned as part of a broader stack tied to distribution and market intelligence.
Ownership structure revives independence questions
The announcement also revives concerns over editorial independence. Foresight already controls the cap table and is now increasing its financial and strategic commitment, which has prompted renewed scrutiny over how The Block will cover Foresight portfolio companies and themes linked to the firm’s investment strategy. Discussion on X was described as cautious rather than celebratory. Some reactions pointed to Cermak’s continued oversight of research and product as a partial safeguard for continuity, while others suggested institutional clients may expect tighter disclosure rules and stronger internal firewalls.
Chung’s profile fits The Block’s institutional push
Chung’s career suggests a mix of operational discipline, digital distribution, and crypto-native brand experience. At Fox and CJ ENM America, he focused on building digital businesses and expanding reach across channels. At Azuki, he worked inside a crypto-native media and IP environment shaped by NFT communities. That background aligns with The Block’s apparent ambition to combine journalism, research, datasets, video, events, and B2B education into a more comprehensive product aimed at funds, banks, and asset managers.
The leadership change and new funding make the company’s direction harder to miss: The Block is leaning away from a news-only identity and toward becoming a more institutional digital-asset intelligence platform.