Investment firm Republic is preparing to acquire crypto trading company INX Digital (INXDF) at a valuation of up to $60 million.
Through its subsidiary, Republic Strategic Acquisition, the company will obtain all issued and outstanding shares of INX, as announced on Thursday.
The deal is projected to finalize within eight months, pending certain conditions.
Already invested in INX with a 9.5% stake obtained in 2023, Republic plans to fully integrate into INX’s operations upon transaction completion.
Based in New York, Republic stated that this acquisition will enhance its role as a blockchain investor, providing avenues for trading tokens and exploring secondary market opportunities encompassing both crypto assets and real-world assets (RWAs).
After opening at $0.02, INXDF’s shares soared to $0.16 following Thursday’s announcement but dipped back to $0.09 in the hours that followed.