Key Takeaways
- • Public, a New York-based fintech platform, acquired Alto's crypto IRA business for $65 million in cash and stock, marking a significant expansion into the retirement account market for cryptocurrency assets.
- • The acquisition brings approximately $600 million in assets under management into Public's platform, positioning the company as the first mainstream investing app to offer a full suite of crypto assets within retirement accounts.
- • Integration of Alto's crypto accounts into Public's platform is expected to be completed by early 2026, with Alto continuing to operate its non-crypto business independently while serving as a service provider.
- • Public's move addresses a gap in the market where relatively few firms permit direct cryptocurrency investment within IRAs; competitors like Fidelity have only recently expanded beyond Bitcoin to include Ethereum, Solana, and Litecoin.
- • The acquisition reflects growing institutional and retail demand for crypto exposure within tax-advantaged retirement vehicles, targeting "upmarket" investors with a median customer age of 38 who seek diversified alternative asset access.
Summary
Public, a fintech investing platform launched in 2019, has acquired the cryptocurrency business of Alto—a provider of alternative assets within retirement accounts—for $65 million in combined cash and stock consideration. The transaction, completed in November 2025, transfers approximately $600 million in assets under management to Public's platform, significantly expanding the company's presence in the institutional and retail retirement investment space.
The crypto IRA market remains nascent and heavily concentrated among a limited number of providers. Alto has distinguished itself by offering a broader range of cryptocurrency assets compared to larger competitors. Fidelity, the primary large-scale brokerage offering crypto IRAs, historically limited offerings to Bitcoin but has recently expanded to include Ethereum, Solana, and Litecoin. Public's acquisition positions it as the first mainstream investing app to offer a comprehensive suite of crypto assets directly within Individual Retirement Accounts, filling a significant market gap for investors seeking long-term cryptocurrency exposure within tax-advantaged structures.
According to Public co-founder Leif Abraham, the appeal of IRAs for crypto investors lies in their tax efficiency—allowing positions to be adjusted without triggering immediate capital gains taxation, an important consideration for long-term cryptocurrency holders. This acquisition aligns with Public's broader strategic pivot toward "upmarket" investors and alternative assets. The company's median customer age of 38 is approximately six years older than its primary competitor, Robinhood, suggesting a demographic targeting more established investors with greater capital and longer investment horizons.
The integration of Alto's crypto accounts into Public's platform is scheduled for completion by early 2026. Alto will continue operating its non-crypto business independently, which provides exposure to private credit and venture capital investments, while functioning as a service provider for Public's crypto IRA offerings. The regulatory environment surrounding cryptocurrency within retirement accounts remains unsettled, making this strategic positioning timely as policymakers continue deliberating the appropriate treatment of digital assets within retirement savings vehicles.
The crypto IRA market remains nascent and heavily concentrated among a limited number of providers. Alto has distinguished itself by offering a broader range of cryptocurrency assets compared to larger competitors. Fidelity, the primary large-scale brokerage offering crypto IRAs, historically limited offerings to Bitcoin but has recently expanded to include Ethereum, Solana, and Litecoin. Public's acquisition positions it as the first mainstream investing app to offer a comprehensive suite of crypto assets directly within Individual Retirement Accounts, filling a significant market gap for investors seeking long-term cryptocurrency exposure within tax-advantaged structures.
According to Public co-founder Leif Abraham, the appeal of IRAs for crypto investors lies in their tax efficiency—allowing positions to be adjusted without triggering immediate capital gains taxation, an important consideration for long-term cryptocurrency holders. This acquisition aligns with Public's broader strategic pivot toward "upmarket" investors and alternative assets. The company's median customer age of 38 is approximately six years older than its primary competitor, Robinhood, suggesting a demographic targeting more established investors with greater capital and longer investment horizons.
The integration of Alto's crypto accounts into Public's platform is scheduled for completion by early 2026. Alto will continue operating its non-crypto business independently, which provides exposure to private credit and venture capital investments, while functioning as a service provider for Public's crypto IRA offerings. The regulatory environment surrounding cryptocurrency within retirement accounts remains unsettled, making this strategic positioning timely as policymakers continue deliberating the appropriate treatment of digital assets within retirement savings vehicles.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.