Bolt backs out of $1.5 billion deal with Wyre: Axios

One-click payment company Bolt has walked away from a $1.5 billion acquisition of crypto payment provider Wyre, Axios first reported.

When announced, it was one of the largest non-SPAC crypto acquisitions. However, the cash-and-stock deal fell apart following investors’ apparent mistrust of the one-click-pay business model and Bolt’s $11 billion valuation in a fintech sale, according to Axios.

The two companies have expressed a desire to remain partners but will remain independent, the companies said.

It’s not the first major deal to go sideways in recent months. In August, Galaxy Digital’s acquisition of digital asset platform Bitgo for $1.2 billion failed.

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