Public Acquires Alto Crypto Business for $65 Million, Expands Retirement Options

Public, a New York-based investing platform, announced on Thursday that it has acquired the crypto business of Alto, a firm that allows users to add alternative assets to their retirement accounts, for $65 million in cash and stock. The deal includes roughly $600 million in assets under management and marks a significant move in the crypto retirement space, where relatively few firms let investors add crypto to their Individual Retirement Accounts (IRAs) directly. According to Public co-founder Leif Abraham, "This acquisition is a major step forward for our mission to make investing in crypto accessible to everyone, including those who are saving for retirement." The acquisition of Alto's crypto business is expected to expand Public's offerings and provide users with a wider range of crypto assets to invest in. Alto is notable among crypto IRA providers for offering a diverse range of crypto assets, including Bitcoin, Ethereum, Solana, and Litecoin. Until recently, Fidelity, the only large brokerage that offers crypto retirement accounts, only allowed investors to buy Bitcoin, but has since expanded its offerings to include Ethereum, Solana, and Litecoin. The acquisition is significant because it highlights the growing demand for crypto retirement options and the need for more firms to offer these services. As the crypto market continues to evolve, investors are increasingly looking for ways to incorporate digital assets into their retirement portfolios. Public's acquisition of Alto's crypto business is also notable because it demonstrates the company's commitment to expanding its offerings and providing users with more investment options. The deal is expected to benefit both Public and Alto, with Public gaining access to Alto's experienced team and technology, and Alto's users gaining access to a wider range of investment options. The acquisition is also seen as a positive development for the crypto industry as a whole, as it highlights the growing acceptance of digital assets as a legitimate investment option. As the industry continues to evolve, it is likely that we will see more firms offering crypto retirement options, providing investors with even more choices and flexibility. In a statement, Public's co-founder Leif Abraham noted that the acquisition is "a major step forward for our mission to make investing in crypto accessible to everyone, including those who are saving for retirement." The acquisition is expected to be completed in the coming weeks, and Public has stated that it will continue to operate Alto's crypto business as usual. The acquisition of Alto's crypto business by Public is a significant development in the crypto retirement space and highlights the growing demand for crypto retirement options. As the industry continues to evolve, it is likely that we will see more firms offering crypto retirement options, providing investors with even more choices and flexibility.