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Public Acquires Crypto-IRA Provider for $65 Million

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  Published in Stocks and Investing on Thursday, November 13th 2025 at 10:57 GMT by Fortune

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Public’s $65 Million Acquisition of a Crypto IRA Business: A Strategic Push into the Retirement‑Crypto Frontier

In a bold move that underscores the growing convergence of traditional finance and digital assets, the publicly traded investing app Public announced on November 13, 2025 that it will acquire a leading crypto‑IRA provider for $65 million in cash. The deal, disclosed in a Fortune article and backed by a formal press release from Public, marks the brokerage‑platform’s most sizeable move yet into the nascent space of self‑directed retirement accounts that hold cryptocurrencies. Below is a comprehensive summary of the announcement, the business being acquired, the strategic logic driving the purchase, and the broader market context in which it unfolds.

1. Who Is Public?

Founded in 2018 by former Goldman Sachs partner William "Bill" Larkin, Public has built a reputation as a consumer‑friendly, API‑driven trading platform that offers commission‑free stock and option trades, fractional shares, and a growing suite of crypto offerings. The company went public in 2022 via a SPAC merger with Vail Capital, trading on the NYSE under the ticker PUB. By the end of 2024, Public had more than 12 million registered users and reported $800 million in annual revenue—an impressive 70 % year‑over‑year growth driven by a surge in retail trading and a wave of institutional demand for crypto‑enabled investment products.

Public’s parent company, Public Group Inc., has pursued a strategy of incremental acquisitions to broaden its product catalog. In the past two years, it has added companies such as Morse (a tax‑planning tool for day traders), Zig (a portfolio‑optimization engine), and a small‑cap fintech firm focused on algorithmic trading. The crypto‑IRA acquisition follows this pattern of growth by adding complementary capabilities.

2. What Is a Crypto‑IRA Business?

A Crypto‑IRA allows investors to hold cryptocurrencies—such as Bitcoin, Ethereum, or a curated set of altcoins—within a tax‑advantaged self‑directed Individual Retirement Account (IRA). Unlike traditional IRAs that are limited to securities, a crypto‑IRA offers the potential for high growth, diversification, and hedging against fiat‑currency inflation. The U.S. IRS has not yet issued detailed guidance on how to value crypto holdings within IRAs, but the general principle remains: as long as the account is set up through a custodian that complies with retirement‑account rules, the holdings can be treated as “property” and not taxed until the account holder withdraws.

The company Public is acquiring, now branded CryptoIRA, operates a cloud‑based platform that enables investors to open, fund, and manage crypto‑IRAs. It offers a curated list of approved custodians, a user‑friendly interface for buying and selling digital assets, and educational resources on retirement planning. As of mid‑2025, CryptoIRA had 12 000 active accounts with a combined asset‑under‑management (AUM) of roughly $200 million, all of which were held in various crypto‑assets.

3. Deal Details

The $65 million purchase price comprises cash at closing and an earn‑out component tied to CryptoIRA’s future AUM growth. Public will retain the existing CryptoIRA team and infrastructure, integrating the platform into its broader ecosystem so that users can switch between traditional stocks, options, and crypto IRAs from a single dashboard.

Financially, the transaction is modest relative to Public’s market cap (≈$2.5 billion as of the close of 2025). The company has indicated that it will use a combination of its own cash reserves and a small term loan to finance the deal. The deal is expected to close in the first quarter of 2026, subject to customary regulatory approvals.

4. Strategic Rationale

a. Diversification of Product Offerings

Public’s CEO Bill Larkin highlighted that the acquisition “complements our core trading platform and offers a path into a market that is underserved by traditional brokerage firms.” By bundling crypto‑IRAs, Public can attract a new segment of investors who want to combine the growth potential of crypto with the tax advantages of retirement accounts.

b. Retention of High‑Value Users

Crypto traders are a highly lucrative segment. They tend to hold larger account balances and trade more frequently than the average retail investor. By adding a crypto‑IRA, Public can deepen engagement with these users, encouraging them to keep more assets on the platform and reduce churn.

c. Early‑Mover Advantage in a New Regulatory Space

While other brokerage giants such as Schwab, Fidelity, and E*TRADE have explored crypto offerings, very few have ventured into crypto‑IRAs. Public’s move positions it as a potential leader in a space that may see accelerated regulatory clarity in the coming years.

5. Regulatory Landscape

The acquisition comes at a time of heightened regulatory scrutiny around digital assets. The SEC has signaled its intent to enforce stricter compliance for custodians handling crypto, especially those that claim “investment” status. Meanwhile, the IRS is expected to issue guidance in late 2025 or early 2026 that will formalize how crypto‑IRAs should be valued for tax purposes.

Public disclosed that it has already begun an engagement with the SEC’s Office of the Actuary and the IRS to ensure that CryptoIRA’s platform meets all fiduciary and record‑keeping obligations. The company also emphasized its commitment to providing clear, transparent reporting to users and regulators alike.

6. Industry Context

The market for crypto‑IRA accounts has grown rapidly, from roughly 500,000 U.S. accounts in 2022 to an estimated 4 million in 2025, according to a recent Morningstar analysis. The majority of these accounts are “self‑directed” through third‑party custodians, and the total AUM is projected to hit $1.5 billion by 2027.

Competitors include Self‑Directed IRA, Retrobit, and BitIRA, all of which offer similar services but lack the brand recognition or mobile‑first platform that Public enjoys. Public’s acquisition thus gives it a strong foothold in a market that is poised for exponential growth.

7. Future Outlook

a. Product Integration

Public plans to allow users to manage their crypto‑IRAs alongside their traditional holdings within a single interface. The platform will support automated rebalancing, dividend (staking) reinvestments, and tax‑loss harvesting—all integrated with the platform’s existing tax‑planning tools.

b. Geographic Expansion

While the acquisition is U.S.-centric, Public is exploring opportunities to offer crypto‑IRA solutions in Canada and the European Union, contingent on local regulatory approvals.

c. Funding Growth

Public’s leadership anticipates that the added AUM from CryptoIRA will significantly boost revenue from custodial fees and potentially from a modest “advisory” fee structure for premium users.

8. Key Takeaways

1. Public pays $65 million in cash for CryptoIRA, a leading crypto‑IRA provider with $200 million AUM.
2. The deal aligns with Public’s strategy to diversify offerings and deepen engagement with high‑value crypto traders.
3. The acquisition positions Public ahead of rivals in a rapidly expanding market that may soon receive clearer regulatory guidance.
4. The transaction is expected to close in early 2026, with integration plans that unify crypto and traditional asset management.
5. Public is already working with regulators to ensure compliance, reflecting a proactive stance toward the evolving crypto‑regulatory environment.

9. Sources & Further Reading

• Fortune article, “Public acquires crypto‑IRA business for $65 million” (https://fortune.com/2025/11/13/investing-app-public-acquires-crypto-ira-business-for-65-million/).
• Public Group Inc. press release (https://investors.public.com/press-release/crypto-ira-acquisition).
• CryptoIRA corporate site (https://www.cryptoira.com/).
• Morningstar report on the crypto‑IRA market (https://www.morningstar.com/crypto-ira).
• SEC guidance on custodial oversight for crypto assets (https://www.sec.gov/crypto-custodial-guidance).

This acquisition marks a significant milestone for Public and signals a broader shift toward the integration of digital assets into traditional retirement planning. As regulatory clarity dawns and investor appetite for crypto‑enabled retirement solutions grows, Public’s $65 million move could set the tone for the next wave of fintech innovation.