# TROOPS Agrees to Conditional Merger With EFFORCE Group

By John Kim

Canonical URL: https://www.tokenpost.com/news/business/30394
Published: 2026-10-12T14:45:17.000Z
Updated: 2026-10-12T14:45:17.000Z
Section: Business

> The Nasdaq-listed company plans to expand into digital-asset infrastructure, sustainability initiatives, carbon credits and green certificates. Financial terms and a closing date were not disclosed.

TROOPS, Inc. (NASDAQ: TROO) has agreed to a conditional merger with EFFORCE Group that would expand the Nasdaq-listed company into digital-asset infrastructure and sustainability-linked markets.

The proposed combination would add potential activities involving carbon credits and green certificates, along with broader digital-asset and financial-services initiatives. The transaction remains subject to regulatory approvals and customary closing conditions, and the companies did not announce a closing date.

The companies did not disclose the number of shares to be issued, the ownership split, exchange ratio, dilution impact or other financial terms. EFFORCE’s revenue, assets, liabilities and valuation were also not provided.

EFFORCE was founded by Apple co-founder Steve Wozniak, who will remain a shareholder after the transaction.

“This merger represents a significant milestone for TROOPS as we continue to expand our digital asset infrastructure and diversified business platform,” TROOPS President and CEO Damian Thurnheer said.

TROOPS reported $17.096 million in revenue for the fiscal year ended Dec. 31, 2025, and a net loss of $27.9 million. Its revenue came primarily from insurance consultancy, money lending, property lease and management, advisory services, and applications, technology and services.

“The combination of EFFORCE's technology, regulatory capabilities, and industry expertise with TROOPS' existing operations creates new opportunities for growth, innovation, and value creation,” Thurnheer said.

EFFORCE Group CEO Sergio Carloni said the combination would bring together EFFORCE’s licensing framework, digital-asset expertise and sustainability-focused initiatives with TROOPS’ market presence.

The proposed merger has not closed and still requires the specified approvals and completion of customary conditions.