Bakkt completes $200M acquisition of Apex Crypto

On Apr. 3, blockchain exertion level Bakkt announced that it completed its acquisition of Apex Crypto LLC. Previously, successful November 2022, Bakkt stated it would wage $55 cardinal successful currency and stock, worthy an estimated $145 cardinal astatine the time, for the deal. 

Launched successful 2019, Apex Crypto is an integrated trading level that handles execution, clearing, custody, outgo basis, and taxation services for its 30 clients. The steadfast has facilitated $12.5 cardinal successful integer assets trades since inception. Gavin Michael, CEO of Bakkt, commented connected the completion:

"This acquisition marks an breathtaking caller section for Bakkt, importantly advancing portions of our crypto roadmap, helping america pat into a beingness of 5.8 cardinal crypto-enabled accounts, and further establishing Bakkt arsenic the B2B2C crypto supplier of choice."

Bakkt said it expects the transaction to bolster the company's way backmost to profitability done merchandise acceleration, gross diversification and outgo synergies. "Joint capabilities volition unlock caller opportunities that entreaty to the adjacent procreation of consumers, specified arsenic crypto rewards, arsenic good arsenic the imaginable to participate planetary markets done partners," the steadfast wrote successful its announcement.

Created successful 2018 by Intercontinental Exchange, Bakkt started retired by facilitating Bitcoin (BTC) futures contracts for accredited investors. Since then, the steadfast has branched into gathering crypto payments solutions and APIs.

Related: Bakkt crypto speech partners with Google for payments

In October 2021, Bakkt went nationalist astatine $10 per stock connected the New York Stock Exchange via a Special Purpose Vehicle Acquisition agreement. The woody valued Bakkt astatine $2.1 cardinal and infused the steadfast with $50 cardinal successful caller capital. Shortly aft the listing, Bakkt shares soared much than 100% connected quality of a concern with Mastercard to integrate cryptocurrencies into its products. The banal is down 83% since past with a marketplace headdress of $451 million.