Smart Valor, a crypto exchange and AI-led investment firm, is exploring a possible sale of all or part of its business.

The Zug, Switzerland-based company is conducting a strategic review after receiving a number of inquiries from major global exchanges, crypto platforms and traditional financial institutions (TradFi) including banks and trading platforms, CEO and co-founder Olga Feldmeier told CoinDesk in an interview.

The European Union’s Markets in Crypto Asset (MiCA) rules came into effect on December 30, and Smart Valor could be a target for companies that do not have regulatory approval in Europe. While neither Switzerland nor Liechtenstein, where Smart Valor’s retail crypto exchange is regulated, are members of the bloc, they belong to the European Economic Area (EEA) and can adopt MiCA. Liechtenstein’s law to do so takes effect on February 1.

“Our ultimate goal is to find the best strategy to increase stakeholder value while capitalizing on the resurgence of the crypto market and the benefits of improved regulation,” Feldmeier said in an email.

The firm has mandated investment banking firm Imperii Partners to explore potential opportunities, she said. The Swiss company could be an attractive acquisition for major exchanges, lending and borrowing platforms, asset management firms and retail brokerages.

Advisers are running an auction with bids due by Jan. 24, two people familiar with the matter said. Several companies are expected to bid for the regulated exchange business, with a few more conducting due diligence that may also participate in the auction, said the people, who spoke on condition of anonymity because the matter is private.

At least one listed company is also expected to participate in the bid, one of the people said.

Smart Valor was founded in 2017 and serves both retail customers and banks. It has three entities: the licensed retail crypto exchange, a company that sells exchange technology to banks and an artificial intelligence-powered investment platform called Elann.AI.

A data room was set up before Christmas where potential suitors could conduct due diligence, according to the people in the know.

The company completed an oversubscribed IPO in 2022 and its stock was listed on the Nasdaq First North Growth Market in Stockholm, becoming one of the first listed crypto companies in the region. The shares were delisted in May 2024.