Investing app Public acquires crypto IRA business for $65 million
The investing platform Public announced on Thursday it has acquired the crypto business of Alto, a firm that lets users add alternative assets to their retirement accounts. The move is notable as relatively few firms let investors add crypto to their IRA directly amid ongoing uncertainty over how rules governing retirement accounts apply to crypto.
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. Until recently, Fidelity, the only large brokerage that offers crypto retirement accounts, only let investors buy Bitcoin, but now offers Ethereum, Solana and Litecoin as well.
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. While President Donald Trump issued an executive order instructing agencies to broaden the range of assets that can be offered to employees via 401(k) accounts, the regulations that would facilitate this have yet to go into effect.
Founded in 2019, Public—once known as Public.com—offers a wide-range of assets, including stocks, bonds and derivatives.
(An earlier version of this story incorrectly stated Fidelity only offered Bitcoin)
This story was originally featured on Fortune.com