PolySign, a digital asset infrastructure company, said on April 13 that it has agreed to acquire fund administration business MG Stover for a combination of cash and stock. The deal’s terms were not announced.
MG Stover controls over $40 billion in digital assets for hedge funds, private equity funds, and venture capital firms. As the sector grows, the firm has established a focus on digital assets.
According to the company, this acquisition will enable PolySign to expand its custody offerings while also providing fund administration services to institutional investors.
PolySign is also completing a Series C fundraising round, which includes new investors such as Soros Fund Management, Brevan Howard, and GSR. Cowen Digital, which invested $25 million in PolySign as part of a Series B fundraising round last May, will increase its ownership in the company.
“MG Stover is the ‘go-to’ administration partner for many of the most sophisticated and successful digital asset investors,” said PolySign CEO Jack McDonald in a statement.
Meanwhile, in a statement, MG Stover CEO Matt Stover said that “joining the PolySign team will improve our core fund administration offering and allow us to build new capabilities that will define the way institutions interact with digital assets for years to come.”
