Investment company Republic is set to acquire crypto trading firm INX Digital (INXDF) at a valuation of up to $60 million.

Republic subsidiary Republic Strategic Acquisition will acquire all issued and outstanding shares of INX, according to an announcement on Thursday .

The transaction is expected to close within eight months, subject to closing conditions.

Already an existing shareholder in INX after acquiring a 9.5% stake in 2023 , Republic will integrate itself fully in INX's operations following completion of the transaction.

New York-based Republic said the acquisition will strengthen its position as a blockchain investor, creating a pathway for trading tokens and engaging in secondary market opportunities across crypto and real-world assets (RWAs).

Having opened at $0.02, INXDF's shares spiked to $0.16 following Thursday's announcement before retreating to $0.09 in the following few hours.