Crypto Platform Bakkt To Buy Apex Crypto for Up to $200M

It seems that the crypto adoption is going great these days. Check out the latest reports involving crypto platform Bakkt and their amazing move in this direction.

According to the latest reports, the digital asset platform Bakkt Holdings (BKKT) will acquire crypto trading infrastructure firm Apex Crypto from Apex Fintech Solutions. This is what the firm said on Thursday.

Bakkt, which is majority-owned by financial exchange 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 seller notes. This will happen after the achievement of some financial targets.

The deal, which is expected to close in the first half of 2023, will offer revenue growth, cost saving, and synergies for Bakkt.

The same notes reveal that this deal will also help the firm expand its crypto client base. Apex Crypto offers solutions for execution, clearing, custody, cost basis, and tax services.

The online publication CoinDesk notes that Goldman Sachs (GS) was the financial adviser for Bakkt. Wilson Sonsini Goodrich and Rosati, PC, and Alston & Bird LLP were acting as legal advisers for Bakkt, while Sidley Austin LLP was legal adviser to Apex Fintech Solutions, according to the same notes.

“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 of Bakkt.

He continued and said the following:

“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.”

Stay tuned for more news, and make sure to keep your eyes on the crypto market as well. There are interesting price movements taking place these days.