Public Acquires Alto's Crypto Retirement Business for $65 Million

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 growing market for cryptocurrency retirement offerings. According to Public co-founder Leif Abraham, the acquisition will enable the company to offer a wider range of cryptocurrency assets to its users. "We're excited to bring Alto's expertise and assets to Public, expanding our offerings and providing our users with more options for diversifying their retirement portfolios," Abraham said in a statement. The acquisition is notable as relatively few firms let investors add cryptocurrency to their Individual Retirement Accounts (IRAs) directly, amid ongoing uncertainty over how rules governing retirement accounts apply to cryptocurrency. Until recently, Fidelity, the only large brokerage that offers cryptocurrency retirement accounts, only allowed investors to buy Bitcoin, but now offers Ethereum, Solana, and Litecoin as well. Alto is one of the small number of crypto IRA providers that offer a wide range of cryptocurrency assets, and the deal is expected to strengthen Public's position in the market. The acquisition is also seen as a strategic move by Public to expand its offerings and attract more users to its platform. The deal is part of a growing trend of investing platforms and brokerages looking to offer cryptocurrency retirement options to their users. As the market for cryptocurrency continues to grow, more investors are looking for ways to incorporate digital assets into their retirement portfolios. Public's acquisition of Alto's crypto business is expected to have a significant impact on the market, providing users with more options for diversifying their retirement portfolios. The deal is also seen as a sign of the growing acceptance of cryptocurrency as a legitimate investment option. As the market continues to evolve, it remains to be seen how the acquisition will affect the wider industry. However, one thing is clear: the acquisition of Alto's crypto business by Public marks a significant step forward in the growth of cryptocurrency retirement offerings.