DeFi Technologies snaps up Stillman Digital in $5m share deal
DeFi Technologies, a fintech based in Toronto, Canada, has completed its acquisition of Stillman Digital, including its Bermudian subsidiary, Stillman Digital Bermuda, for around $5 million.
DeFi Technologies acquires Stillman Digital
Headquartered in Miami, Florida, Stillman Digital specialises in liquidity solutions, settlement infrastructure and technology for trade execution.
The digital asset liquidity provider has reportedly facilitated over $20 billion in trade volume since 2021, with $5 billion occurring in the second quarter of 2024.
Meanwhile, DeFi Technologies, founded in 2019, is a tech firm that looks to enable traditional investors to invest in a diversified range of digital assets within the decentralised finance and Web3 sectors.
Through this acquisition, DeFi Technologies aims to harness Stillman’s expertise to enhance its trading capabilities within DeFi Alpha, its specialised arbitrage trading desk, and to strengthen its global operations.
Additionally, the company states that the purchase will allow the fintech to “stabilise” its revenue streams and broaden its client base by capitalising on Stillman’s focus on on-chain institutional clients.
Under the terms of the deal, DeFi Technologies has acquired all issued and outstanding securities of Stillman Digital in exchange for 2.5 million common shares, valued at $2.10 each on the OTC market as of 7 October 2024.
Moreover, DeFi Technologies disclosed that one million payment shares will be subject to a “lock-up schedule”, to be released “over a period of a year”.
Moving forward, the Canadian firm expects to bolster Stillman’s “institutional growth strategy” by granting access to expanded opportunities in the digital asset space.
This will be achieved through leveraging DeFi Technologies’ financial resources, distribution channels, network, rebranding efforts, and integration within its “broader group”.
To learn more about the latest developments in the decentralised finance sector, tune into our Demystify Podcast episode featuring U-Zyn Chua, CTO and co-founder of Cake Group.
