ACA Group, a leading financial advisor for institutions across the world has officially announced to the public that it is no longer interested in purchasing holdings of a Japanese-based cryptocurrency exchange, BitFlyer.
announced the news on Saturday through Nikkei.com.
ACA Group had earlier in April agreed to purchase majority stake holdings of BitFlyer valued at up to $370 million (45 billion Yen).
The intention of ACA Group was to sell off the BitFlyer holdings after it has increased in corporate value. A coalition of shareholders independently negotiated the ACA agreement with the support of Minefumi Komiyama, the founder of bitFlyer, who owns about 13% of the company.
Not much information was given by ACA Group on their decision to back out from their initial agreement but the decision comes after a number of proposed collaboration has come to halt recently including Galaxy Digital, which terminated its planned acquisition of crypto manager BitGo in August.
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