ASX sells Digital Asset Holdings shares for $57 million, expected to yield approximately $42 million in pre-tax gains

The Australian Securities Exchange (ASX) announced on June 13 that it sold its entire stake in blockchain developer Digital Asset Holdings for approximately $57 million.

This transaction will be reflected in ASX's 2025 financial report, expected to yield 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ASX acquired an 8.5% stake in Digital Asset in 2016 when it replaced its outdated $CHESS clearing and settlement system with blockchain technology.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) is suing ASX for misleading statements, alleging that it did not accurately reflect the progress of the blockchain project.