Investment company Republic has announced its decision to acquire the crypto trading firm INX Digital (INXDF) at a valuation of up to $60 million. This acquisition marks a significant step for Republic as it seeks to enhance its presence within the burgeoning blockchain investment sector.
According to an official announcement made on Thursday, Republic’s subsidiary, Republic Strategic Acquisition, will acquire all issued and outstanding shares of INX. The transaction is anticipated to close within eight months, contingent upon the fulfillment of closing conditions.
Republic, which already holds a 9.5% stake in INX following a prior investment valued at $50 million in 2023, plans to fully integrate its operations with INX after the completion of this acquisition. This strategic move is expected to bolster Republic’s position as a formidable player in the blockchain investment arena.
The acquisition promises to create new avenues for trading tokens, tapping into both crypto and real-world assets (RWAs) in secondary market opportunities. This alignment is poised to enhance Republic’s offerings and operational capabilities in a rapidly evolving financial landscape.
Following the announcement, INXDF’s shares experienced significant volatility, opening at $0.02 before surging to $0.16 shortly thereafter. However, within a few hours, the shares retracted to approximately $0.09, showcasing the immediate market reaction to the acquisition news.
As Republic moves forward with this acquisition, the implications for both firms may be profound, potentially setting a precedent for future collaborations in the crypto and investment sectors.
