Digital-Asset Prime Brokerage company Falconx has acquired Arbelos Markets, a spin-off startup launched in 2023 by two crypto veterans.
The terms of the transaction are not disclosed. Bloomberg News reported on Tuesday that the deal is expected to be funded through a mixed funding of cash and Falconx shares because the deal said it asked not to agree to the deal because the discussion was private, according to people familiar with the matter.
“Combining Arbelos’ system trading expertise with Falconx’s extensive client base, large balance sheets and regulatory leadership, we will uniquely address the growing demand for complex trading strategies and customized products,” said Raghu Yarlagadda, CEO of Falconx. ” A statement.
Falconx operates Falconx Bravo Inc., a swap dealer focused on cryptocurrency derivatives that have been registered with the Commodity Futures Trading Commission, which the company said will expand its derivatives business.
In October, Yarlagadda said he expects a “merger wave” in the field and the company will actively look for acquisition targets. The acquisition is a prediction that President-elect Donald Trump’s return to the White House will introduce a series of digital asset mergers. Since the November election, Trump has appointed a key role in the new administration in addition to crypto and artificial intelligence tsars.
In May, Arbelos announced a $28 million (about Rs 24 billion) capital raising led by Dragonfly Capital, while Falconx is one of the round investors, along with Circle Ventures, Deribit, Paxos With Starkware.
The startup founders Joshua Lim and Shiliang Tang were bankers-turned-crypto-traders. Lim previously led the trading table at Galaxy Digital and Genesis Global Trading, while Tang was formerly the chief investment officer of LedgerPrime, which is now the MNNC Group.
Founded in 2018, Falconx, headquartered in St. Matt, California, was finalized at $8 billion (approximately Rs 68,617 crore) when it raised $150 million (approximately Rs 1,286 crore) in 2022. Its investors include Tiger Global, GIC, GIC and B Capital.
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