ACA Group Gives Up Acquiring Japan’s Largest Crypto Exchange BitFlyer

ACA Group has decided to abandon the acquisition of BitFlyer, the largest cryptocurrency exchange in Japan. ACA previously reached an agreement in April with a coalition of shareholders in BitFlyer Holdings to buy a majority stake, estimated to be worth about 45 billion yen ($370 million).

According to news platform Nikkie, ACA Group, a Japanese private equity fund with headquarters in Singapore and Japan, has decided to abandon its acquisition of BitFlyer Holdings (HD, Minato, Tokyo), the company that owns the largest crypto asset exchange in Japan.

In April, ACA Group agreed with a coalition of shareholders in BitFlyer Holdings to buy a majority stake, estimated to be worth about 45 billion yen ($370 million).

This acquisition negotiation is led by an alliance of minority shareholders of BitFlyer HD such as the venture capital fund.

The current market also witnessed a number of failed M&A plans such as Galaxy Digital ending its acquisition of cryptocurrency custodian BitGo and Thailand’s SCB X cancels its deal to acquire cryptocurrency exchange Bitkub Online, both in August.

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