EMJ’s Jackson pursues crypto treasury strategy with reverse merger
Dec 16 (Reuters) – Fund manager and activist investor Eric Jackson is set to head a crypto treasury firm following a reverse merger with pet wellness company SRx Health Solutions, sending the company’s shares soaring in early trading on Tuesday. In July, Jackson, the founder of a small Canada-based hedge fund, sparked a surge in Opendoor Technologies shares, drawing retail traders into a rally reminiscent of the 2021 meme stock frenzy. His move into crypto treasury strategy comes when investors have turned cautious with shares of firms in the sector remaining highly sensitive to bitcoin’s volatility. EMJX plans to set itself apart from peers such as Michael Saylor’s Strategy Inc by managing a multi-asset portfolio and employing active hedging. “Our objective is to reinvest capital back into the treasury over time rather than rely on dilution, and to build a transparent, institutional-grade platform with a long-term orientation,” Jackson said. Jackson will serve as the founder, chairman and CEO of EMJX, which will invest in bitcoin, ethereum and a selection of smaller cryptocurrencies, after the deal closes. Shares of the company, which makes pet health and wellness products, nearly doubled in value to 61 cents. It had a market capitalization of $8.4 million as of last close. The deal is subject to approval by shareholders of SRx Health Solutions. (Reporting by Medha Singh in Bengaluru; Editing by Sriraj Kalluvila)