Investment app Public acquires Alto's crypto business for $65 million

According to Fortune magazine, investment app Public has acquired the cryptocurrency business of IRA provider Alto for $65 million in cash and stock. Alto is a company that allows users to add alternative assets to their retirement accounts, managing approximately $600 million in assets.

Under the agreement, Public will fully integrate Alto's cryptocurrency accounts by 2026, while Alto will continue to operate as a service provider. Alto will continue to independently operate its other businesses, including investment projects such as private credit and venture capital.