Bakkt, a digital assets platform based in New York, has successfully completed its acquisition of Apex Crypto, a trading infrastructure provider, in a deal worth USD 155 million. This marks one of the biggest acquisitions in the crypto industry since the bear market hit in mid-2021. Under the terms of the deal, Bakkt paid USD 55 million in cash and USD 100 million in stock to acquire Apex Crypto.
Bakkt provides trading and custodial services, and went public in October 2021 through a special purpose acquisition company. However, its share price has fallen almost 96% since its IPO. The acquisition of Apex Crypto is seen as a strategic move towards profitability for Bakkt, as it seeks to expand its services and position itself for the next phase of growth in the crypto industry.
Despite announcing the acquisition back in November 2021, Bakkt had to wait for regulatory clearance from the New York Department of Financial Services, as well as from other states where Bakkt and Apex hold money transmitter licenses. With the acquisition now complete, Bakkt can bolster its trading infrastructure and offer an improved custodial service to its clients. CEO Gavin Michael has emphasized that the acquisition of Apex Crypto is a significant move for Bakkt, positioning the firm for growth in the crypto industry as it continues to evolve. Michael is confident that crypto is here to stay and that Bakkt is now better equipped to serve its customers and expand its business operations.
