TROOPS, Inc., the Nasdaq-listed conglomerate based in Hong Kong, has signed a conditional agreement to merge with EFFORCE Group. The deal carries a reported all-share valuation of $40 million.
The target is not an obscure startup. EFFORCE was co-founded by Apple co-founder Steve Wozniak, which gives a modest-sized deal a famous name.
The goal is to push TROOPS deeper into digital asset infrastructure. Crypto trading and carbon credit transactions sit at the center of the plan.
What the agreement actually covers
TROOPS (NASDAQ: TROO) announced the conditional sales and purchase agreement on October 12, 2026. The merger still needs regulatory approvals and has to clear customary closing conditions.
The $40 million figure is a reported valuation, and it is structured entirely in shares.
For context, TROOPS reported fiscal year 2025 revenue of $17.1 million. That puts the reported deal value at more than twice the company’s annual top line.
The strategic logic, as TROOPS frames it, is to bolt EFFORCE’s blockchain capabilities onto its existing financial operations. Three areas get named: digital asset trading, carbon credit transactions, and broader financial services.
TROOPS President and CEO Damian Thurnheer described the merger as a major milestone. In his framing, the deal strengthens the company’s digital asset ambitions and its push to diversify.
After the deal, the company intends to use EFFORCE’s technology to reach new markets and upgrade its service lineup. The combined entity also plans to make it easier for clients to access carbon credits and green certificates, while facilitating crypto trading.
Who these two companies are
TROOPS has been around since 2005. It previously operated under the name SGOCO Group.
Its businesses span fintech, insurance consultancy, and money lending.
EFFORCE was co-founded by Wozniak in 2020 with a focus on using blockchain to promote energy efficiency and sustainability. The company is currently led by CEO Sergio Carloni.
What this means for TROOPS and its shareholders
The most immediate question for TROOPS shareholders is dilution. Because the deal is paid in stock, the existing ownership base will likely be spread across a larger share count once the transaction closes.
The reported $40 million valuation also deserves context. Against $17.1 million in fiscal 2025 revenue, TROOPS is placing a meaningful bet relative to its own scale, and the company has not publicly detailed EFFORCE’s financials alongside the announcement.
The next milestones are straightforward. The first is whether the deal clears regulators and its closing conditions. The second is whether TROOPS discloses fuller terms, including how many shares it will issue.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.