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Smart Valor Is Conducting a Strategic Review That May Lead to Sale of the Company
Bids for the Swiss crypto firm are due by Jan. 24, people close to the process said.
Jan 21, 2025, 3:38 p.m.
What to know:
- Smart Valor is conducting a strategic review that could lead to a sale of the whole company or just the regulated exchange business.
- An auction process is in progress with bids for the Swiss firm due by Jan. 24., sources said.
- The regulated exchange could be a takeover target for larger rivals, borrow and lend platforms, wealth-management firms and retail brokerages.
Smart Valor, a crypto exchange and AI-led investment company, is exploring a possible sale of all or part of its business.
The Zug, Switzerland-based company is conducting a strategic review after receiving a number of inquiries from large global exchanges, crypto platforms and traditional finance (TradFi) institutions including banks and trading platforms, CEO and co-founder Olga Feldmeier told CoinDesk in an interview.
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The European Union's Markets in Crypto Asset (MiCA) rules came into force on Dec. 30, and Smart Valor could be a target for companies that don't have regulatory approval in Europe. While neither Switzerland nor Lichtenstein, where Smart Valor's retail crypto exchange is regulated, are members of the bloc, they belong to the European Economic Area (EEA) and can adopt MiCA. Liechtenstein's law to do so comes into force Feb. 1.
“Our ultimate goal is to find the best strategy for growing stakeholder value while leveraging the resurgence of the crypto market and the benefits of enhanced regulation," Feldmeier said in an email.
The firm has mandated investment banking firm Imperii Partners to explore potential opportunities, she said. The Swiss company could be an attractive acquisition for large exchanges, borrow and lend platforms, wealth management firms and retail brokerages.
Advisers are running an auction with bids due by Jan. 24, two people familiar with the matter said. Several companies are expected to bid for the regulated exchange business, with a few more completing due diligence that could also join the auction, said the people, who spoke of condition of anonymity as the matter is private.
At least one publicly listed company is also expected to join the bidding, one person said.
Smart Valor was founded in 2017 and services both retail clients and banks. It has three units: The licensed retail crypto exchange, a business that sells exchange technology to banks and an artificial intelligence-driven investment platform called Elann.AI.
A data room was set up before Christmas for would-be suitors to conduct due diligence, according to the people familiar.
The company conducted an oversubscribed initial public offering in 2022 and its stock was listed on the Nasdaq First North Growth Market in Stockholm, becoming one of the first publicly listed crypto companies in the region. The shares were delisted in May 2024.
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