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Bakkt Acquires Apex Crypto in a $200M Deal

Posted on April 4, 2023

The recent statement conveyed by Bakkt on April 3 confirmed the blockchain tech platform had acquired Apex Crypto LLC. The statement indicated that the acquisition of the turnkey platform was inevitable with its role in brokering $12.5 billion from crypto trades. The platform allows fintech companies to facilitate crypto investing for their clients.

Stock and Cash Settlement in Apex Crypto Buyout

Announcing the buyout of Apex Crypto, Bakkt revealed plans for a $55 million cash settlement, with the rest being via $145 million stock. Bakkt chief executive Gavin Michael revealed that Apex Crypto had proved its worth as an integrated platform since launching in 2019.

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Michael observed that Apex Crypto is a strategic acquisition, particularly for its diversified business model offering clients clearing, custody, and tax consultancy services. As such, he restated its achievements of facilitating $12.5 billion in digital-based assets trades.

Advancing B2B2C Crypto Roadmap

Michael lauded the acquisition as opening an exciting chapter for Bakkt to advance its crypto roadmap. In particular, he indicated that Apex Crypto would facilitate Bakkt tap to the infrastructure harboring $5.8 crypto-enabled accounts. The addition would position Bakkt among the preferred choices for B2B2C crypto providers.

Bakkt’s statement echoes Michael’s sentiment projecting the transaction to foster the firm to regain profitability. The infrastructure from Apex Crypto would become fundamental to accelerate production, diversify revenue and accomplish cost synergies.

The firm restated that the joint capabilities will help unlock emerging opportunities that would appeal to subsequent generations of consumers. The announcement revealed the inclusion of crypto rewards and the potential to partner when pursuing international markets.

The statement released by Bakkt credited its creation to Intercontinental Exchange in 2018. Although the firm started facilitating bitcoin futures contracts, it gradually expanded services to create APIs and crypto-based payment solutions for accredited investors.

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Bakkt Holdings Battling Downtrend Steam

The statement documented Bakkt’s journey since October 2021, when the firm was listed on the New York Stock Exchange. It listed the share at a debut price of $10 through a special-purpose vehicle acquisition agreement.

The deal accelerated the Bakkt value to $2.1 billion with a $50 million capital injection. The share price would rally by over 100%, particularly field to the revelation of partnering with Mastercard. The partnership with Mastercard would help the integration of cryptos into the products.

Scrutiny of Bakkt shows the stock plummeted by 83% to exchange hands at $1.70 yielding $451 million in total market capitalization.


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