Betterment agrees to acquire Makara

Betterment Holdings Inc., the parent company of digital investment adviser Betterment LLC, entered into an agreement to acquire Argonaut Asset Management Inc.

Argonaut Asset Management, which does business as Makara, is an SEC-registered investment adviser that offers automated cryptocurrency portfolios. Makara's team of cryptocurrency experts and engineering talent will join Betterment upon the close of the transaction, which is expected to occur later this quarter, according to a news release.

PJT Partners was the financial adviser to Betterment on the transaction.