Voyager Digital is to become the world’s first publicly traded crypto asset broker, following the acquisition of a listed shell company UC Resources.
The broker will list on the Toronto Stock Exchange (TSX), after acquiring the currently listed UC Resources, allowing Voyager to access the public capital markets for the first time, Benzinga reported. As a result of the deal, UC Resources will now be known as Voyager Digital (Canada) Ltd., and will list as a TSX Venture Tier 2 Company from Monday.
The move follows an announcement from Voyager last summer, where it disclosed plans to offer commission-free trading in as many as 15 different cryptocurrencies. With significant investor money behind the firm, it aims to be a challenger for the likes of Robinhood.
The firm currently offers brokerage for institutional investors, as well as retail clients. The hope is that through the listing, the firm can continue to attract support from investors as it looks to grow its operation.
Voyager CEO Stephen Ehrlich described the listing as a “crucial step” in the growth journey of Voyager, saying, “This is a crucial step for our growing company as we now have a solid capital base with which to grow, expand and continually improve our offering for investors.”
“More importantly, it allows the investing community to tap the public markets for exposure to this important asset class and financial utility that is built upon the technology of the future,” according to the executive.
The move is the latest example of acquisition as a business strategy, with several notable examples of crypto companies acquiring unrelated companies to take advantage of regulatory approval.
As well as acquiring listings, as in the case of Voyager Digital, there have also been examples of firms acquiring those with licenses to operate in restricted markets, including securities and banking licenses, which would otherwise entail an application process spanning several years.
The New Jersey-based firm was valued at $60 million through its last round of private financing. Come February 11, investors will get a feel for where the market pitches the value of the firm.
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