Chainius Solutions, parent company of Bit4You, is launching a 5 million euro takeover bid for the listed holding company Beluga. Objective: to be listed on Euronext.
Bit4You is looking to go public. Chainius Solutions, which owns Bit4You, is launching a takeover bid for Beluga, a little-known listed holding company. If the transaction is successful, the parent company of Bit4You intends to request its listing on Euronext Brussels.
The purchase offer relates to 64.73% of the capital, held by two shareholders of Beluga, the companies Longeval SA and Hilos SA. The offer is made at a price of 3.40 euros per share. This represents a premium of 35% compared to its last price (2.52 euros), suspended since May 25. The offer values Beluga at approximately 5 million euros. The sum will be raised in particular from private investors. Chainius Solutions also plans to proceed with a crowdfunding bond issue.
Beluga is a listed holding company that has a portfolio of shares divided into small and medium-sized companies. It presents itself as “an investment company specializing in the acquisition and active management of companies as well as in strategy consulting”. Beluga’s board of directors will remain in place following the takeover bid.
Chainius Solutions and Beluga plan to merge. The objective is to enable Chainius Solutions to become a company listed on Euronext Brussels. “Our intention is then to gradually liquidate the assets of Beluga in order to finance the activities of Chainius Solutions and Bit4You”, explains Marc Toledo, co-founders of Bit4You.
According to Marc Toledo, this operation will make his company one of the first crypto platforms listed on a European stock exchange. “This will be a new opportunity for investors. They will be able to position themselves in the booming crypto market, without being directly exposed to the high volatility of cryptocurrencies”, explains Marc Toledo.
Created in 2018, Bit4You is the first Belgian cryptocurrency exchange platform. It allows you to buy and sell cryptocurrencies such as bitcoin. According to Marc Toledo, Bit4You matters a few tens of thousands of customers. Compared to big players in the sector like Binance (90 million users) or Coinbase (98 million users), this is little. But Bit4You ensures that the volumes traded on its platform are exploding. In 2021, Marc Toledo estimates that Bit4You processed a transaction volume amounting to 1.7 billion eurosten times more than a year earlier.
“The takeover bid on Beluga allows us to save time in view of the listing on the stock exchange.”
Listing on the stock exchange would be a new step in the development of the company, which has been seeking to raise funds for some time. But why go through the acquisition of a listed holding company rather than directly requesting a quotation? “It’s to save time,” explains Marc Toledo. To gain access to the quotation, the company would have had to drafting a prospectus and requesting an opinion from the FSMAthe watchdog of the financial markets. By buying an existing holding company, Bit4You skips this step.
At the same time, Bit4You is committed in an authorization application process with the FSMA. A recent royal decree sets a new framework for cryptocurrency exchange platforms that have an establishment in Belgium. Bit4You seeks to fit into this new regime. “We respect all the regulations in force. We are 100% compliant”, says Marc Toledo.
Marc Toledo believes Chainius Solutions, Bit4You’s umbrella company, could be listed on the stock exchange by next October.