Nasdaq First North listing

Norwegian investment firm Arcane Crypto has been listed on Sweden's Nasdaq First North after completing a reverse takeover deal with public company Vertical Ventures.

Arcane Crypto investment director Eric Wall tweeted that the firm's market value was valued at $200m.

The company's intention to acquire Sweden's Vertical Ventures became known in July 2020. The deal was expected to be worth around $32m.

According to the press release, Arcane Crypto "develops and invests in projects focused on bitcoin and digital assets". The company's portfolio includes:

• Arcane Research;
• Pure Digital, an interbank digital asset trading platform;
• Teslacoil payment solution;
• cryptocurrency hedge fund Arcane Assets;
• Norwegian cryptocurrency portal Kryptografen;
• Swedish licensed bitcoin exchange Trijo;
• regulated cryptocurrency broker Kaupang;
• cryptocurrency market maker and algorithmic trading platform Alphaplate;
• LNMarkets, a bitcoin derivatives trading platform based on the Lightning Network.

Commenting on the acquisition of Vertical Ventures, Arcane Crypto CEO Torbjorn Bull Jenssen said: "The listing marks a new chapter for the company in our journey towards a future in which traditional and digital finance merge".

He said the firm expects to remain actively involved in mergers and acquisitions in the future.

It should be noted that Arcane Crypto is not the first company in the cryptocurrency industry to use reverse takeover to go public. Bitcoin exchange operators Huobi (Hong Kong Stock Exchange) and EQOS (Nasdaq) have previously taken this route.