According to a report by Bloomberg on June 2, cryptocurrency broker FalconX has acquired a majority stake in the parent company of Monarq Asset Management, which was previously owned by the bankrupt exchange FTX.
The report states that this move aims to expand the company's institutional client base and broaden its asset management services.
Monarq Asset Management, formerly known as MNNC Group, is a fund registered in the Cayman Islands. Before operating as MNNC, the hedge fund was called LedgerPrime and was part of the FTX empire until the exchange collapsed. The terms of the deal between FalconX and Monarq's parent company were not disclosed.
Founded in 2018, FalconX has been working to expand its business in recent months. In January, the broker acquired the derivatives startup Arbelos Markets. In May, the company announced a partnership with Standard Chartered to expand its institutional crypto banking services.
Reportedly, FalconX views its stake in Monarq as a way to extend its institutional client base beyond hedge funds, corporations, and asset managers. Benefits may include expanding quantitative models and growing the company’s team.
FalconX claims to be the largest digital asset broker globally, executing over $1.5 trillion in trading volume and covering 94% of global digital asset liquidity. In May 2024, FalconX reached a settlement with the Commodity Futures Trading Commission (CFTC) for allegedly not being registered with the agency, paying a fine and refund of $1.8 million.
As part of the settlement, FalconX agreed to cease providing services to U.S. residents.
In June 2022, the broker raised $150 million in a Series D funding round at a valuation of $8 billion. Later that year, it survived the collapse of FTX. According to the broker, FTX held 18% of its unencumbered cash equivalents.
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Original: “Report: Crypto Broker FalconX Acquires Majority Stake in Monarq”
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