The $1.5 million deal between Bolt and Wyre was withdrawn due to investor concerns.
If it did, the deal would be one of the largest non-SPAC cryptocurrency deals.
Agreement Between Bolt and Wyre Broken
The $1.5 million deal expected to be signed between Bolt and Wyre was withdrawn due to investor concerns. If the deal were realized, it would have been recorded as the largest acquisition outside of SPACs.
The announcement stated that it would be one of the largest non-SPAC crypto acquisitions. However, according to Axios, the cash and stock deal fell apart due to its one-click payment business model and apparent investor concern over the $11 billion valuation of Bolt in a fintech sale.
The companies stated that both businesses have expressed a desire to remain partners but will remain independent.
This isn’t the only big deal that’s gone wrong in recent months. In August, Galaxy Digital’s $1.2 billion acquisition of digital asset platform Bitgo was another deal abandoned during this period. While the crypto market is going through a bear period, companies continue to pay attention to their investments.
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