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VIP Wealth Hub
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Public acquired Alto's encryption retirement account business for $65 million, with AUM of approximately $600 million.
PANews November 13th news, according to Fortune, Public announced the acquisition of Alto's encryption business for a total of $65 million in cash and stock, with an AUM of approximately $600 million. AltoCrypto supports a variety of encryption assets; in contrast, Fidelity's encryption retirement accounts only support Bitcoin. Public co-founder Leif Abraham stated that IRAs can adjust positions without immediate tax burdens. The transaction will be fully integrated by 2026, with Alto retaining its other businesses and continuing as a service provider. Public targets “upmarket” investors, with a median client age of about 38.