Mantra, a blockchain platform specializing in real-world asset tokenization, is set to be acquired by its existing investor Inveniam Capital Partners after experiencing a significant downturn. The OM token, native to the Mantra platform, lost over 90% of its value in 2023.
The acquisition follows a period of turmoil for the project, which underwent staff reductions and organizational restructuring in an attempt to stabilize operations. Inveniam had previously invested $20 million in Mantra before the restructuring took place.
The deal is expected to close in the third quarter of this year, with financial terms remaining undisclosed. The acquisition highlights a growing trend of consolidation within the blockchain industry, particularly among projects that experienced rapid growth followed by sharp downturns.