With the rising popularity of the blockchain industry, it’s not that surprising that companies that span a wide range of industries are wanting in on the action–and Acana Capital (CSE:ACM) is one more of them.
On Friday (July 28), a joint announcement from the company and Blockchain Technology Group–doing business as Blockchain Intelligence Group–was released, stating that the two companies had entered into a letter of intent where Acana will acquire all of the issued and outstanding shares of Blockchain Technology Group.
According to the release, the issued and outstanding shares of Blockchain Technology Group will be acquired in exchange for 27 million post consolidated common shares from Acana in addition to roughly 1.6 million incentive stock options, 3.5 million share purchase warrants and up to 13 million issued performance warrants should Blockchain Technology meet fiscal metrics following the acquisition.
The statement goes on to say that the letter of intent is subject to the companies’ entering into a definitive business combination agreement with respect of the acquisition before September 8.
Acana’s acquisition of Blockchain Technology Group comes two weeks after it had consolidated its issued and outstanding share capital. Acana’s outstanding shares were then reduced by roughly 23 million.
That said, the company’s acquisition of Blockchain Technology Group is certainly indicative of how much the cryptocurrency market is growing. According to data from Coinmarketcap, the market capitalization of all cryptocurrencies totals roughly $92 billion with bitcoin and ethereum doing most of the heavy lifting. The market cap of bitcoin is currently $47.5 billion, while the price of bitcoin is $2,884.01, and ethereum’s market cap is $18.9 billion, whereas its price is $202.16 per token, both as of 5:34 p.m. EST on Monday (July 31).
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Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.