ACA Group decides to give up on BitFlyer Holdings acquisition: Nikkei

The ACA Group, which has bases in Singapore and Japan, has decided to give up on the planned acquisition of BitFlyer Holdings, which owns a crypto exchange in Japan, Nikkei reported today in its Japanese language edition.

ACA had agreed in April with a coalition of BitFlyer Holdings shareholders to buy a majority stake, estimated at the time to have a value of as much as 45 billion yen ($370 million).

The decision comes as a number of planned M&As have failed, including Galaxy Digital terminating the acquisition of crypto custodian BitGo, and Thailand's SCB X calling off its deal to acquire crypto exchange Bitkub Online, both in August.