According to PANews, the Australian Securities Exchange (ASX) announced on June 13 that it has sold its entire stake in blockchain developer Digital Asset Holdings for approximately $57 million. This transaction will be reflected in ASX's financial report for the fiscal year 2025, with an expected pre-tax gain of about $42 million compared to the book value and around $10 million compared to the initial acquisition cost. The gains will be recorded in the asset revaluation reserve.
ASX acquired an 8.5% stake in Digital Asset in 2016 as part of its initiative to replace its outdated CHESS clearing and settlement system with blockchain technology. However, the project was canceled in November 2022 after Digital Asset and VMware failed to meet key objectives, resulting in a $250 million loss for ASX.
Currently, Tata Consulting Services is advancing a new CHESS replacement project. Meanwhile, the Australian Securities and Investments Commission (ASIC) has filed a lawsuit against ASX for misleading statements, alleging that it did not accurately represent the progress of the blockchain project.
