SWF replaced their announcement (Replacement Announcement - SWF...

SWF replaced their announcement (Replacement Announcement - SWF proposes a Placement) because, well, they had to.
Somebody should have told them that in no way will the ASX allow any listed company to set up a Crypto Exchange. Also obvious is that no Australian Bank is likely to bank a Crypto Exchange without some serious Know your client/Austrac due diligence.
Shareholders thinking that SWF's ANZ facility would automatically settle a Crypto trade was very far from a reality.

Before:
SelfWealth is undertaking the Placement to accelerate investment in its growth strategy to deliver diversified revenue streams and increase market share. This includes broadening the product offering to include cryptocurrency.

After:
The Company will not apply funds from this capital raising to the establishment of a cryptocurrency trading service until all Board and appropriate regulatory approvals are obtained. The Board is still evaluating this initiative and regulatory approvals have not yet been sought. Given these potential approval requirements, any commencement of the cryptocurrency trading service is not expected earlier than Q3 FY22.

It doesnt seem SWF put any due diligence in its ability to offer Crypto or had an awareness of the Regulatory regime.

So a major plank of the growth strategy is gone and they are left with spending $12m investment in IT resources for development of new product lines, investing in the user experience and high-demand features (including instant payments). March last year they only needed $3m.

At least the $10m placement closed yesterday - so they have got the money.