On April 3, 2025, OpenDeal Inc. (doing business as Republic), a financial technology firm operating online investment platforms, announced its agreement to acquire The INX Digital Company Inc. (INX). The transaction was completed on November 10, 2025, with Republic acquiring all issued and outstanding common shares of INX, excluding those it already owned, for US$60 million (approximately C$82.4 million).

Former INX shareholders are entitled to receive US$0.1328 (C$0.182) per share in cash and one contingent value right (CVR) per share, with each CVR providing for an additional US$0.1063 (C$0.146) payment on December 11, 2026, subject to applicable taxes. Following the acquisition, INX will be delisted from the Cboe Canada exchange and transition to a private company, fully integrated into Republic’s operations.

The deal expands Republic’s footprint in the blockchain and digital asset investment sector, leveraging INX’s regulated trading platforms for digital securities and cryptocurrencies. As part of the post-merger process, INX’s CFO, Naama Falach, will step down. Legal counsel for Republic was provided by McCarthy Tétrault, with a team led by Brad Squibb and including specialists in business law, competition, litigation, and tax.