Top_Header
Top_Header

Nordic Crypto Startup Takes (Un)usual Growth Path Due to ‘Massive Potential’


Nordic Crypto Startup Takes (Un)usual Growth Path Due to 'Massive Potential' 101
Torbjørn Bull Jenssen, CEO of Arcane Crypto. Source: a video screenshot, Youtube/TEDx Talks

The Norwegian crypto-focused investment and research firm Arcane Crypto is eyeing a public listing on Sweden’s Nasdaq First stock exchange by the end of the year as they see ‘massive potential’ for the company.

Sponsored Links
Mid Post Ads

An update from the company on Thursday said that the firm has already signed a letter of intent with the listed company Vertical Ventures for a so-called reverse takeover transaction, which is intended to be completed in the second half of 2020.

A reverse takeover is a transaction generally seen as a shortcut to become publicly listed, and is done by buying up all shares of an already listed company, and then merging the startup with that company, thus avoiding the traditionally cumbersome initial public offering (IPO) procedures.

Speaking with local business news outlet E24, Torbjørn Bull Jenssen, CEO of Arcane Crypto, said that over time it has become clear to him and his team that working towards becoming publicly traded is the right path for the company. Further, the CEO said that they are aiming for a SEK 300 million (USD 31.2 million) valuation, and that he believes Stockholm’s tech-heavy stock exchange is the right venue for such a listing.

“We see massive potential for Arcane as a listed company. We are growing fast and there are many interesting opportunities on the horizon. By going public we will expand our toolbox and position ourselves for further growth. In addition, our ecosystem approach and infrastructure focus will benefit from the opening up to a wider investor base,” Jenssen said in a comment published on the company’s website.

According to him, a realistic timeframe for the listing is for it to be completed sometime early this fall. However, the reverse takeover transaction is still pending approval by the Nasdaq First stock exchange, E24 reported.

A leading figure in Norway’s crypto and blockchain community, Jenssen is joined by the Swedish crypto analyst Eric Wall as Chief Investment Officer of the company.

And Despite Arcane Crypto recording a loss of nearly NOK 8 million (USD 840,000) last year, Jenssen says that this is due to the early phase the company is in, and that revenue from the company’s research and asset management business has only been consolidated into their accounts this year.



Source

error: Content is protected !!