Investment company Republic is set to acquire crypto trading firm INX Digital (INXDF) at a valuation of up to $60 million.

Republic subsidiary Republic Strategic Acquisition will acquire all issued and outstanding shares of INX, according to an announcement on Thursday.

The transaction is expected to close within eight months, subject to closing conditions.

Already an existing shareholder in INX after acquiring a 9.5% stake in 2023, Republic will integrate itself fully in INX’s operations following completion of the transaction.

New York-based Republic said the acquisition will strengthen its position as a blockchain investor, creating a pathway for trading tokens and engaging in secondary market opportunities across crypto and real-world assets (RWAs).

Having opened at $0.02, INXDF’s shares spiked to $0.16 following Thursday’s announcement before retreating to $0.09 in the following few hours.