The Norwegian investment firm Arcane Crypto has been listed on the Swedish Nasdaq First North after the completion of a reverse takeover with the public company Vertical Ventures.
Arcane Crypto’s chief investment officer, Eric Wall, said the firm was valued at $200 million.
Might have been the first time I put on pants before 8 am since the pandemic started, but felt like it was time. This morning we rang the @Nasdaq bell on First North GM, at a $200m valuation. https://t.co/7xLm84q5qX
— Eric Wall 🟨 (@ercwl) February 5, 2021
The company announced its intention to acquire Swedish Vertical Ventures in July 2020. It was expected that the deal would amount to about $32 million.
According to the press release, Arcane Crypto \”develops and invests in Bitcoin- and digital-assets-focused projects.\” In the company’s portfolio:
- Arcane Research, the research group;
- Pure Digital, an interbank platform for trading digital assets;
- Teslacoil, a payments solution;
- Arcane Assets, a cryptocurrency hedge fund;
- Kryptografen, the Norwegian crypto news portal;
- Trijo, the Swedish licensed bitcoin exchange;
- Kaupang, a regulated crypto broker;
- Alphaplate, a cryptocurrency market maker and algorithmic trading platform;
- LNMarkets, a bitcoin derivatives platform built on the Lightning Network.
Commenting on the acquisition of Vertical Ventures, Arcane Crypto CEO Torbjørn Bull Jensen said:
“The listing marks a new chapter for the company on our path to a future in which traditional and digital finance have merged into one.”
He said the firm also expects to continue actively pursuing mergers and acquisitions.
Earlier, Arcane Crypto was not the first crypto-industry company to use a reverse takeover to obtain public status. Previously, operators of bitcoin exchanges Huobi (Hong Kong Stock Exchange) and EQOS (Nasdaq) pursued such a path.
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