Linkage Global Inc. (NASDAQ: LGCB) entered into a non‑binding Letter of Intent on December 1, 2025 to acquire 100 % of Cicada Tech Limited, a platform that tokenizes real‑world assets into on‑chain yield instruments. The transaction values Cicada at $60 million, with $3 million paid in cash and the remaining $57 million to be satisfied through the issuance of Linkage’s class A ordinary shares. The LOI is subject to customary due diligence, valuation, regulatory approvals and the negotiation of a definitive purchase agreement.
The deal marks a strategic pivot for Linkage, which has historically focused on cross‑border e‑commerce services. By acquiring Cicada, Linkage aims to enter the rapidly expanding real‑world asset (RWA) tokenization market, projected to reach $16 trillion by 2030. The move is intended to create new recurring fee streams and to broaden Linkage’s capital‑market integration capabilities, positioning the company to capture growth in on‑chain asset management that has seen assets under management double to over $35 billion in 2025.
Linkage’s financials have been under pressure in recent periods. Revenues fell from $4.8 million in the first half of 2024 to $3.5 million in the first half of 2025, and total revenues for the fiscal year ending September 30, 2024 dropped 19.19 % to $10.29 million. The company’s market capitalization was approximately $22.66 million as of December 1, 2025, making the $60 million valuation for Cicada more than double Linkage’s market cap. To support the transaction and other strategic initiatives, Linkage recently announced a $1 million PIPE financing expected to close on December 3, 2025, and the share‑issuance component of the deal will dilute existing shareholders.
Cicada Tech’s public financial information is limited, but the company’s technology platform enables the tokenization of real‑world assets into on‑chain yield instruments using proprietary protocol engineering and multi‑strategy quantitative portfolios. The $60 million valuation reflects the expected growth of the RWA tokenization market and the strategic fit with Linkage’s goal of integrating traditional capital markets with blockchain‑native asset structures.
Angela Wang, CEO of Linkage, said the acquisition “provides an opportunity to enter the fast‑growing on‑chain asset management and RWA tokenization market, accelerating the Company’s strategic objective of integrating traditional capital markets with blockchain‑native asset structures.” She added that the integration of Cicada’s product and service offering will give Linkage an operational platform to convert high‑quality real‑world assets into liquid, yield‑bearing tokens, supporting the company’s effort to expand its addressable asset base and create new recurring fee streams beyond conventional equity transactions.
The transaction is non‑binding and contingent on due diligence, valuation, regulatory approvals and a definitive agreement. If completed, it will expand Linkage’s revenue mix, introduce new fee‑based income, and increase exposure to the high‑growth RWA tokenization sector, while also raising capital‑structure considerations due to share dilution and the need for regulatory clearance in the blockchain space.
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