Crypto Lending Firm Ledn to Acquire Canadian Fund Manager Arxnovum

Toronto-based crypto lending firm Ledn has agreed to acquire Canadian asset manager Arxnovum for an undisclosed fee, according to a press release.

The deal, which is expected to close before the end of the year, will see Arxnovum become Ledn Asset Management, an asset management subsidiary of Ledn.

Ledn has been active in the acquisition market this year after bidding to take over rival lender BlockFi in July.

Founded in 2021, Arxnovum is regulated in Canada as an investment fund manager, portfolio manager, commodity trading manager and an exempt market dealer.

"With this acquisition, Ledn will become the first digital asset lender to offer yield fund products under the exempt market dealer registration," said Adam Reeds, Co-founder and Chief Executive Officer of Ledn. "It will also allow us to offer more investment opportunities to accredited clients in markets that recognize Canadian securities regulations, to increase their digital asset holdings."