Digital Asset Infrastructure Leader PolySign to Acquire MG Stover

PolySign Inc., in its latest development to improve the quality and breadth of digital asset infrastructure available to institutional investors, yesterday announced that it has entered into an agreement to acquire MG Stover for a mix of cash and PolySign stock. MG Stover is an industry leader in digital fund administration with an impressive client base including more than $40 billion in digital assets under administration.

The acquisition of MG Stover's best-in-class fund service capabilities will enable PolySign to deliver a comprehensive, vertically integrated custody, trading and administration offering to institutional investors for cryptocurrency and digital assets. This near-term development accelerates PolySign's product development plan and paves the way for future service enhancements focused on institutional investors and asset managers.

Alongside this acquisition, PolySign will complete its Series C capital raise, adding new investors to its shareholder base, including Soros Fund Management, Brevan Howard, and GSR. Cowen Digital will also add to their equity position.

MG Stover complements PolySign's industry-leading digital asset custody and trading offerings for institutional investors.

"MG Stover is the 'go-to' administration partner for many of the most sophisticated and successful investors in digital assets. Matt Stover, MG Stover's Founder and CEO, is widely regarded as a visionary in our sector, and we are excited to gain his expertise as a shareholder and a core member of our leadership team," said PolySign CEO Jack McDonald. "I am proud to welcome the entire MG Stover organization to PolySign."

PolySign expects to complete the acquisition of MG Stover in Q2 2022.

(Source: Business Wire)