Bakkt completes acquisition of Apex Crypto to enhance B2B2C crypto offering

Rick Steves

“This acquisition marks an exciting new chapter for Bakkt, significantly advancing portions of our crypto roadmap, helping us tap into a universe of 5.8 million crypto-enabled accounts, and further establishing Bakkt as the B2B2C crypto provider of choice. We’re looking forward to welcoming the Apex Crypto team members to Bakkt and working together to accelerate our growth and strategy.”

Bakkt

Bakkt has completed the acquisition of Apex Crypto after securing all required regulatory approvals, with the transaction expected to bolster Bakkt’s path to profitability – delivering revenue diversification and synergies to the Company as it scales its offerings.

Apex Crypto is a turnkey platform for integrated crypto trading, developed to meet the growing needs of fintechs, trading apps, neobanks, and their customers.

It was in early November 2022 that Bakkt announced it reached a deal to acquire Apex Crypto for a maximum purchase price of $200 million: $55 million in cash at the closing of the deal, followed by up to $45 million in Bakkt stock depending on the performance of Apex Crypto in Q4 2022, and up to an additional $100 million in Bakkt stock and seller notes depending on its performance through 2025.

Apex Crypto to further establish Bakkt as the B2B2C crypto provider of choice

The solution is used by over 30 clients and covers execution, clearing, custody, cost basis, and tax services, facilitating the delivery of frictionless crypto investing, having processed $12.5 billion worth of cryptocurrency.

The acquisition of Apex Crypto provides immediate scale on day one as Bakkt will work to bring its leading platform solutions to the 220+ clients served by the combined businesses within Apex Fintech Solutions.

Bakkt expects that this acquisition will accelerate its product innovation and development, with more advanced crypto solutions that will offer its partners expanded options and functionality.

Joint capabilities will unlock new opportunities that appeal to the next generation of consumers, such as crypto rewards, as well as the potential to enter international markets through partners.

Gavin Michael, CEO of Bakkt, said: “This acquisition marks an exciting new chapter for Bakkt, significantly advancing portions of our crypto roadmap, helping us tap into a universe of 5.8 million crypto-enabled accounts, and further establishing Bakkt as the B2B2C crypto provider of choice. We’re looking forward to welcoming the Apex Crypto team members to Bakkt and working together to accelerate our growth and strategy.”

Bakkt was founded in 2018 and offers SaaS and API solutions that unlock crypto and drive loyalty, powering engagement and performance. Apex Crypto is a cryptocurrency platform that provides integrated trading and investing through licensing arrangements with broker-dealers and financial advisors. Apex Crypto holds crypto assets in separate accounts with seamless money movements from customers’ linked brokerage accounts while adhering to legal and regulatory guidelines.

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