Wave Financial plans to take advantage of the bearish market trend and acquire the Swiss investment company Criptonite. This will be Wave’s first acquisition in Europe.
Wave CEO David Siemer said the company had already acquired a minority stake in Criptonite Asset Management and that a full takeover would be the next step. The transaction will be completed subject to regulatory approval. The parties do not disclose the terms of the agreement, but Wave expects all procedures to be completed by the end of 2022:
“This is the first, but not the last, acquisition of Wave Financial outside the US. We are actively looking for partners to bring our diverse portfolio of funds and digital asset solutions to accredited investors around the world.”
The choice of Criptonite as the first acquisition in Europe is explained by the fact that both companies already have a history of partnership since 2021, when Criptonite issued several Managed Certificates (AMC) of Wave’s leading digital asset funds in Europe.
David Simer stated that Wave has significant experience in technology mergers and acquisitions in the crypto sector, so the current state of the market is an excellent moment to acquire a number of companies as part of a consolidation strategy. At present, Wave management is closely monitoring opportunities for deals with other European asset managers, as well as with troubled exchanges and lenders struggling with the negative effects of the bearish trend.
Earlier, top managers of Wave Financial said that the interest of large capital management companies and venture capital firms in the cryptocurrency industry will inevitably involve institutional investors in it.
Source: Bits
I’m James Harper, a highly experienced and accomplished news writer for World Stock Market. I have been writing in the Politics section of the website for over five years, providing readers with up-to-date and insightful information about current events in politics. My work is widely read and respected by many industry professionals as well as laymen.
