Digital Assets: Digital Platform Bakkt Acquires Apex Crypto For $200M
The deal will expand client verticals, drive scale, and bolster path to profitability for Bakkt.
Digital asset platform Bakkt Holdings (NYSE: BKKT) has acquired Apex Crypto, a turnkey platform for crypto trading, for a maximum purchase price of $200 million. Of this, Bakkt will initially pay $55 million in cash upon the closing, and another $45 million in its stock subject to the achievement of certain financial targets by Apex in the fourth quarter of 2022. Depending upon the achievement of another set of financial targets by 2025, the acquirer may pay an additional $100 million in its stock and seller notes. (BusinessWire)
As per mutual understanding between Bakkt and Apex Fintech Solutions, Bakkt’s crypto solutions would continue to be made available to Apex’s 220+ clients.
Moreover, Bakkt would be able to scale up its offerings and derive revenue diversification and synergies. Jointly, the two companies would get more advanced crypto products faster to market, including staking, external transfers and NFTs.
This acquisition is also expected to significantly bolster its cryptocurrency product offering and expand its footprint into additional client verticals including fintechs, trading app platforms, and neo-banks.
“With the addition of this complementary business, we believe we are poised to be a crypto provider of choice for financial institutions, fintechs, merchants or loyalty programs that want to offer seamless crypto experiences to their customers,” said Gavin Michael, CEO. “It’s also expected to enable us to unlock more innovative opportunities that appeal to the next generation of consumers such as crypto rewards and NFTs.”
Bakkt’s platform, available through its App and to partners, amplifies consumer spending and bolsters loyalty programs, adding value for participants within the Bakkt payments and digital assets ecosystem.
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