PANews reported on June 16 that the Australian Securities Exchange (ASX) announced on June 13 the sale of its entire stake in blockchain developer Digital Asset Holdings for approximately $57 million. This transaction will be reflected in ASX's 2025 fiscal report, expected to generate approximately $42 million in pre-tax gains (compared to book value) and about $10 million in pre-tax gains (compared to the initial acquisition cost). The gains will be credited to the asset revaluation reserve.
ASX acquired an 8.5% stake in Digital Asset in 2016 when it planned to replace its outdated CHESS clearing and settlement system with blockchain technology. However, due to Digital Asset and VMware's failure to achieve key objectives, the project was canceled in November 2022, resulting in a $250 million loss for ASX.
Currently, Tata Consulting Services is advancing the new CHESS replacement project. Meanwhile, the Australian Securities and Investments Commission (ASIC) is filing a lawsuit against ASX for misleading statements, alleging that it did not accurately reflect the progress of the blockchain project.
