Blockworks: bootstrapped for five years, then a former employee flagged editable podcast interviews.
We're continuing our Crypto News Platforms series with Blockworks, founded in 2018 by Jason Yanowitz and Michael Ippolito, self-funded until a 2023 investment round. Real, disclosed genuine strengths: a dedicated "Trust and Ethics" page stating plainly that Blockworks had "no ownership connections to cryptocurrency companies, exchanges, or any issuer of cryptocurrency" for its first five years, and a former employee's on-record confirmation to Fortune that the co-founders "did not interfere in the day-to-day decisions of the news side." What we don't think should be set aside: that same Fortune investigation reported, and Yanowitz confirmed, that podcast guests have been allowed to excise portions of interviews before release, a practice a former employee called "more in keeping with public relations than journalism," alongside a disclosed pay-to-speak conference model with fireside-chat slots reportedly priced over $100,000. We weighted all of it below.
Our take, up front: Blockworks is a financial media company covering digital assets, founded in 2018 by Jason Yanowitz and Michael Ippolito, who started the business as an events company before expanding into podcasts, a newsletter, and an institutional research and data platform they describe as aiming to be "the Bloomberg of crypto." Real, disclosed genuinely clean early ownership history: Blockworks' own "Trust and Ethics" page states directly, "From inception until May of 2023, Blockworks was privately owned by our two founders... and had no ownership connections to cryptocurrency companies, exchanges, or any issuer of cryptocurrency," a real, disclosed, explicit claim distinct from several other outlets in this series. Real, disclosed subsequent funding: in May 2023, Blockworks raised $12 million led by 10T Holdings, a crypto-focused investment firm, with participation from Framework Ventures and Santiago Santos, at a $135 million valuation. Real, disclosed, credible third-party-corroborated editorial independence: reporting by Fortune quotes a former Blockworks employee confirming that "the Blockworks' cofounders did not interfere in the day-to-day decisions of the news side," and states directly that editorial operations, 15 people within an 85-person staff, are structurally separate. Real, disclosed genuine scale: one of the largest crypto podcast networks in the world, spanning shows including Empire, Forward Guidance, On the Margin, Lightspeed, 0xResearch, and The Breakdown (acquired May 2024), drawing 21 million podcast downloads in a single year, alongside a daily newsletter and the flagship Digital Asset Summit conference. What we don't think should be set aside: the same Fortune investigation reported that "journalists at the company were dismayed that podcast guests have been given the option to excise portions of the recordings before they are released," a practice a former employee directly characterized as "more in keeping with public relations than journalism"; Yanowitz confirmed this had occurred on five documented occasions, defending it as an accommodation for "financial firms that would otherwise have declined to be interviewed." Real, disclosed pay-to-speak conference practice: a rate card reviewed by Fortune showed speaking slots at Blockworks' own conferences ranging from roughly $20,000 for a panel appearance to over $100,000 for an exclusive fireside-chat guest slot; Yanowitz defended this as limited to "no more than 20% of conference programming" and offered only to "a small pool of credible companies." We weighted all of it below.
Real, disclosed clean bootstrapped history: founded 2018, self-funded for five years with explicitly no crypto-industry ownership ties until a 2023 raise. Real, disclosed, credible third-party-corroborated editorial independence: a former employee confirmed to Fortune that cofounders "did not interfere in the day-to-day decisions of the news side." What tempers this: Fortune reported, and Yanowitz confirmed, that podcast guests have been allowed to excise portions of interviews before release on five occasions, a practice a former employee directly characterized as "more in keeping with public relations than journalism." Real, disclosed pay-to-speak conference practice, with rate cards showing $20,000-$100,000+ for speaking slots.
Pros
- A former employee independently corroborated that cofounders don't interfere in news-side decisions
- No crypto-industry ownership ties existed for the company's first five years
Cons
- Podcast guests have been allowed to excise interview portions before release, on five documented occasions
- Conference speaking slots have reportedly been priced up to $100,000+
Real, disclosed genuine scale and consistency: 21 million podcast downloads in a single year, a large, sustained media operation. What tempers this: the disclosed practice of allowing guests to edit interview content before release raises a real, disclosed question about whether all published audio content reflects an unedited, independent account, even if limited to five documented instances.
Pros
- 21 million podcast downloads in a year reflect a genuinely substantial, sustained operation
Cons
- Editable guest interviews raise a real, disclosed question about specific published content's integrity
Real, disclosed genuinely thorough, formal transparency framework: a dedicated "Trust and Ethics" page states ownership history directly, plus a separate "Financial Disclosures" page covering asset ownership and angel investments. Real, disclosed funding history: bootstrapped from 2018-2023, then a $12 million raise in May 2023 led by 10T Holdings, a crypto-focused investment firm, at a $135 million valuation.
Pros
- A dedicated Trust and Ethics page and separate Financial Disclosures page name specifics directly
- The 2023 funding round's investors and valuation are publicly disclosed
Cons
- The 2023 raise introduced a real, disclosed crypto-industry investor relationship (10T Holdings)
Real, disclosed genuinely substantial content operation: one of the largest crypto podcast networks in the world, spanning Empire, Forward Guidance, On the Margin, Lightspeed, 0xResearch, and The Breakdown (acquired May 2024), plus a daily newsletter and institutional-grade research platform.
Pros
- One of the largest crypto podcast networks in the world, spanning multiple distinct shows
- An institutional-grade research and data platform extends beyond standard news coverage
Cons
- Editorial staff (15) represents a modest share of total headcount (85)
Real, disclosed genuinely accessible core content: podcasts and newsletters are free and widely distributed, with premium research and data available as a separate, disclosed subscription tier.
Pros
- Podcasts and newsletters remain free and widely distributed across mainstream platforms
Cons
- The most valuable research and data products sit behind a separate, disclosed paid tier
Real, disclosed diversified revenue: advertising, sponsorships, subscriptions to its research/analytics platform, and event revenue, with the company explicitly stating it doesn't spend on marketing. What tempers this: the real, disclosed pay-to-speak conference model, with fireside-chat slots reportedly priced over $100,000, represents a real, disclosed commercial practice that could shape the composition of its own events' programming.
Pros
- Revenue is diversified across advertising, subscriptions, sponsorships, and events
Cons
- Fireside-chat conference slots have reportedly been priced at over $100,000
Real, disclosed genuinely substantial events business (Digital Asset Summit) and institutional-grade research and data platform aiming to be "the Bloomberg of crypto."
Pros
- A genuinely substantial flagship conference and institutional research platform extend real value
Cons
- The flagship conference is the same venue where the pay-to-speak practice noted above occurs
Listen and read for free, and treat any Blockworks podcast interview as potentially guest-edited.
Given Fortune's reporting that podcast guests have been allowed to excise portions of interviews before release, treat any unusually smooth or favorable-sounding guest appearance with awareness that editing may have occurred, particularly for financial-firm guests, while relying on Blockworks' disclosed news-side independence for its written journalism.
Genuinely independent news, sitting next to podcast and conference practices with a PR flavor.
We want to give Blockworks real credit for something we can't say about every outlet in this series: an actual former employee, speaking to a credible financial-journalism outlet, confirmed the founders stay out of the newsroom's day-to-day decisions. Five years bootstrapped with no crypto-industry money behind it is a real, disclosed structural advantage, and the company's own Trust and Ethics page says so plainly rather than burying it. What keeps this from scoring higher is that Yanowitz didn't deny the two things Fortune raised, he explained them, and we think the explanations themselves are worth taking seriously rather than treating as case closed. Letting a guest cut lines from their own interview is a courtesy a PR firm offers, not a practice a newsroom typically extends, even five times and even for reluctant interviewees. Charging six figures for an exclusive fireside chat at your own conference is a real, disclosed commercial choice that most traditional financial media wouldn't make openly. Neither is hidden here, and neither is disqualifying on its own. Together, they tell us Blockworks runs a genuinely independent newsroom inside a media business that treats some of its other content, podcasts and events specifically, more like relationship management than journalism.
The scorecard above is deliberately general. Whether Blockworks is right for you depends heavily on which of these you already are.
The institutional or professional reader who wants Blockworks' written news and research, evaluated on its disclosed, corroborated independence
This is exactly where Blockworks' real, third-party-confirmed editorial separation delivers genuine, verifiable value.
The listener who treats podcast guest appearances, especially from financial firms, as potentially edited before release
Given Fortune's reporting on this practice, this specific awareness genuinely matters before treating an interview as unedited.
The conference attendee who understands some panel and fireside-chat slots at Digital Asset Summit are paid placements
This is a real, disclosed, honest framing given the rate card Fortune reviewed, rather than assuming all speakers are unpaid.
Anyone treating every Blockworks podcast interview or conference panel as free of any commercial influence
A real, disclosed editable-interview practice and pay-to-speak conference model make this a poor fit for that specific assumption.
The scorecard covers the headline judgment calls. These four tables cover the specifics we didn't want to bury in prose; the Fortune investigation presented precisely, the ownership and funding timeline, the podcast network breakdown, and how Blockworks compares to the rest of this series.
The Fortune investigation, presented precisely
| What we found | |
|---|---|
| The claim | A former employee said journalists were "dismayed" that podcast guests could excise recording portions before release |
| The characterization | The former employee called this "a practice more in keeping with public relations than journalism" |
| Yanowitz's response | Confirmed it occurred on five occasions, for financial firms that would otherwise have declined to be interviewed |
| Separate confirmation | The same former employee confirmed cofounders do not interfere in the news side's day-to-day decisions |
We're presenting both the criticism and the defense from the same reporting because they came from the same source; the former employee who raised the concern is also the one who corroborated the newsroom's independence.
The ownership and funding timeline
| Date | What happened |
|---|---|
| 2018 | Jason Yanowitz and Michael Ippolito found Blockworks as an events company |
| 2020 | The pandemic reduces Blockworks' revenue by a reported 82%; the company pivots toward podcasts |
| 2018-2023 | Blockworks operates fully bootstrapped, with no outside investment |
| May 2023 | Blockworks raises $12M led by 10T Holdings, with Framework Ventures and Santiago Santos, at a $135M valuation |
| May 2024 | Blockworks acquires podcast The Breakdown, expanding its media brand portfolio |
Five years of self-funded operation before any crypto-industry investment is a genuinely real, disclosed structural difference from outlets whose ownership was crypto-linked from the start.
The podcast network breakdown
| Show | Status |
|---|---|
| Empire, Forward Guidance, On the Margin, Lightspeed, 0xResearch, Bell Curve, 1000x | In-house Blockworks productions |
| The Breakdown | Acquired May 2024, added to the Blockworks media portfolio |
| The Drop | A revamped, five-days-a-week show produced by Blockworks Editorial |
| Total scale | 21 million podcast downloads in a single year, per Yanowitz |
This is a genuinely large, real, disclosed media portfolio; we think its scale is precisely why the editable-interview practice matters, since it affects a meaningful share of the outlet's total published output.
Blockworks vs. the rest of this series
| Blockworks | CoinDesk | The Block | Decrypt | Bankless | U.Today | Bitcoin Magazine | CoinGape | |
|---|---|---|---|---|---|---|---|---|
| Core disclosed issue | Editable podcast interviews; pay-to-speak conferences | Owner-ordered article removal (2024) | CEO's secret $43M in loans (2021-2022) | Sponsor-branded rewards; client-services arm | Venture arm's direct token holdings | Blended promotional content, no clear policy | Media, venture fund, and treasury company unified under one CEO | B2B authority-building adjacency; thin ownership detail |
| Third-party corroboration | Fortune, via a named former employee | Multiple outlets covered the incident directly | McCaffrey's own admission | Company's own disclosures | Company's own rebuttal | Not applicable; no single incident | Public-company filings | Not independently corroborated |
| Our score | 59.25/100 | 50.0/100 | 51.75/100 | 63.0/100 | 45.25/100 | 37.75/100 | 42.75/100 | 55.75/100 |
Blockworks' second-highest score in this series reflects real, disclosed credit for independently corroborated news-side independence and a genuinely clean early ownership history, tempered by real, disclosed PR-adjacent practices in its podcast and events businesses specifically.
We don't just want to hand you our number; we want to show you how it sits next to what other sources have published. We're flagging directly that institutional and industry sentiment toward Blockworks, drawing on Yanowitz's public profile and the "Bloomberg of crypto" positioning, tends to run warmer than the more measured tone of Fortune's own investigative coverage, which we weighted heavily.
Our score lands closely aligned with the aggregated industry average; general industry and institutional sentiment credits the same scale and disclosed independence we weighted favorably, while more critical media-ethics commentary weighs the editable-interview and pay-to-speak practices somewhat more heavily than the overall average reflects.
| Source | Score | Type |
|---|
Scores compiled by our editorial team from publicly available reviews as of August 2026. "Editorial estimate" means the outlet didn't publish a single numeric score, so we converted their published verdict and sentiment into a comparable 100-point figure. Verify current figures directly with each source before citing them elsewhere.
Its written news operations appear to be, per a former employee's on-record confirmation to Fortune that the cofounders don't interfere in day-to-day newsroom decisions. That same reporting also raised real, disclosed concerns about the podcast and conference sides of the business specifically.
Blockworks was privately owned by founders Jason Yanowitz and Michael Ippolito with no crypto-industry investment from 2018 to 2023. In May 2023, it raised $12 million led by 10T Holdings, with Framework Ventures and Santiago Santos, at a $135 million valuation.
Fortune reported that guests have been given the option to excise portions of recordings before release. Co-founder Jason Yanowitz confirmed this occurred on five documented occasions, describing it as an accommodation for financial firms that would otherwise have declined to be interviewed.
Yes. A rate card reviewed by Fortune showed panel appearances priced around $20,000 and exclusive fireside-chat guest slots priced over $100,000. Yanowitz said this accounts for no more than 20% of conference programming.
Jason Yanowitz and Michael Ippolito founded Blockworks in 2018, initially as an events company before expanding into podcasts, newsletters, and institutional research.
Blockworks' portfolio includes Empire, Forward Guidance, On the Margin, Lightspeed, 0xResearch, Bell Curve, 1000x, and The Breakdown (acquired in May 2024), drawing a combined 21 million downloads in a single year.
Core podcasts and the daily newsletter are free. Institutional-grade research, data, and analytics are available through a separate, paid subscription platform.
Blockworks' flagship conference, bringing together institutional investors and crypto industry figures. Its rate card includes paid speaking opportunities alongside standard programming.
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