FXDD Parent Buys 5% Stake in Bitcoin ETF-Issuer Jacobi

Nukkleus, Inc., the operator of FXDD Trading and FXMarkets brands, has gained exposure in the digital asset arena by acquiring 5 percent of the issued and outstanding ordinary shares of Jacobi Asset Management Holdings Limited, which recently gained approval for a Bitcoin exchange-traded fund (ETF).

As detailed in an 8-K filing with the Securities and Exchange Commission (SEC) on Wednesday, the companies have entered into a purchase and sale agreement with 20 million common stock of Jacobi in consideration. The transaction is expected to be closed by Friday.

“All of the offers and sales of securities described above were made to accredited investors and the Company relied upon the exemptions contained in Section 4(a)(2) of the Securities Act of 1933, as amended, with regard to those sales,” the Nukkleus’ filing added. “No advertising or general solicitation was employed in offering the securities.”

Betting on Crypto

Jacobi was launched in May 2021 by a few finance industry veterans with an aim to bring cryptocurrency products to the mainstream. The company recently gained approval from the regulator in Guernsey to launch a Bitcoin ETF and is now waiting to receive the UK regulator’s approval to list the crypto investment product on Cboe Europe.

However, Nukkleus is an established financial technology company and provides software and technology solutions to the foreign exchange trading industry participants. Earlier this year, it acquired a 70 percent stake in Match Financial in an all-stock deal with a purchase price of around $9.8 million.

The latest investment by Nukkleus came when demand for Bitcoin skyrocketed with the first listing of a Bitcoin futures ETF on a US stock exchange. The crypto even touched a record high on Wednesday, currently trading at more than $65,000.

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