Digital Asset Platform Bakkt to Buy Apex Crypto for up to $200M
Digital asset platform Bakkt Holdings (BKKT) said it will acquire crypto trading infrastructure firm Apex Crypto from Apex Fintech Solutions, the firm said on Thursday.
Bakkt, which is majority-owned by the Intercontinental Exchange (ICE), will initially pay $55 million in cash at the closing of the deal, and up to $145 million in Bakkt stock and senior note upon achievement of some financial targets.
The deal will deliver revenue diversification and synergies for Bakkt and help the firm expand its crypto client base.
Established in 2018, Bakkt initially raised $182.5 million to build out its bitcoin futures and options product. It went public last October after completing a merger with special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings.