One-click checkout company Bolt backed out of a $1.5 billion dollar acquisition of crypto payment provider Wyre, Axios first reported.
When it was announced, it was one of the largest non-SPAC crypto acquisitions. However, the cash-and-stock deal fell apart following apparent investor wariness over the one-click checkout business model and Bolt’s $11 billion valuation during a fintech selloff, according to Axios.
Both businesses expressed a desire to remain partners but will remain independent, the companies said.
This isn’t the first major deal to go sideways in recent months. In August, Galaxy Digital’s $1.2 billion acquisition of digital asset platform Bitgo fell through.