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A&O Shearman advises Digital Asset on strategic investment in HQLAx

A&O Shearman advises Digital Asset on strategic investment in HQLAx
Published Date
Apr 22 2026
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A&O Shearman has advised Digital Asset (US) Corp., a U.S.-based leading innovator in blockchain technology, on its strategic investment in HQLAx S.à r.l., a Luxembourg-based, CSSF licensed fintech company. Broadridge Financial Solutions, also a U.S.-based global Fintech leader, participated in the transaction as a co investor.

HQLAx operates a distributed ledger technology (DLT) platform for the settlement of securities financing transactions. The investment will support HQLAx’s next phase of growth, including the continued evolution of its technology platform, collaboration with Broadridge’s Distributed Ledger Repo (DLR) platform, and a planned migration to Digital Asset’s Canton Network, an interoperable, privacy-enabled blockchain network designed for financial markets. The deal marks an important step in the continued development of digital market infrastructure.

The A&O Shearman Luxembourg team advised on all Luxembourg law aspects of the transaction. The team also provided strategic advice in relation to the steps required to implement the planned Canton Network transition.

Pol Theisen, partner at A&O Shearman Luxembourg, commented: “This transaction is a strong example of how strategic equity investments can support long-term technological transformation.”

“We were pleased to advise Digital Asset on the Luxembourg M&A aspects of the deal, which involved a sophisticated shareholder structure and close coordination between multiple stakeholders.”

Philippe Noeltner, counsel at A&O Shearman Luxembourg, added: “The migration of HQLAx’s platform to the Canton Network highlights the increasing maturity of DLT solutions in regulated financial markets. This project sits at the intersection of technology, regulation, and market infrastructure, and reflects the growing confidence in scalable, interoperable DLT frameworks.”

The transaction was led from Luxembourg by corporate and M&A partner Pol Theisen, global financial markets partner Frank Mausen, and counsel Philippe Noeltner. The team included senior legal advisor Emel Tulun, associates Elisabeth Ollé and Enrico Dalle Mulle, as well as support from the the Luxembourg Financial Services Regulatory, DDIT, Employment, Tax and Litigation teams.

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