"The deal saw New York-based Public pay $65 million in cash and stock for the crypto portion of Alto's business, which contains roughly $600 million in assets under management. Alto is notable among the small number of crypto IRA providers for offering a wide range of crypto assets. Fidelity, the only large brokerage that offers crypto retirement accounts, lets investors buy only Bitcoin."
"According to Public co-founder Leif Abraham, IRAs are an appealing vehicle for those who are bullish on crypto in the long term since they allow investors to move in and out of positions without worrying about immediate tax consequences. Abraham added that the acquisition of AltoCrypto comes amid a broader push into crypto by Public, which he says is geared to "upmarket" investors who value a large range of products, and whose median customer age is 38-around six years older than those of its rival, Robinhood."
"The deal will see Public fully integrate the Alto crypto accounts in 2026, and that the latter will stay on as a service provider. Alto will continue to independently operate the rest of its business, which offers exposure to investments like private credit and venture capital. Public's push into crypto IRAs comes at a time when the regulatory landscape for crypto retirement accounts remains delicate."
Public purchased Alto’s crypto business for $65 million in cash and stock, acquiring roughly $600 million in assets under management. Alto offers a wide range of crypto assets for IRAs, contrasting with larger brokerages that limit crypto retirement holdings. Public views IRAs as attractive for long-term crypto investors because they allow position changes without immediate tax consequences. The acquisition fits Public’s broader push into crypto aimed at upmarket customers with a median age of 38. Public will fully integrate Alto crypto accounts in 2026 while Alto remains a service provider and keeps operating its non-crypto business. Regulatory clarity for crypto retirement accounts remains unresolved despite a presidential executive order.
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