Bakkt to acquire Apex Crypto for up to $200 million
Bakkt is set to acquire Apex Crypto from Apex Fintech Solutions for up to $200 million in an effort to bolster its cryptocurrency product.
Bakkt will pay $55 million in cash when the deal closes, according to a statement. The crypto platform will also pay $45 million in stock, dependent on fourth-quarter financial targets set for Apex Crypto. An additional $100 million in stock and seller notes may also be paid, dependent on 2025 financial targets.
The deal is expected to finalize in the first half of 2023.
Apex Crypto is an integrated crypto-trading platform that offers a solution for execution, clearing, custody, cost basis and tax services for more than 30 coins and tokens. Its more than 220 clients will be memorialized, according to the statement, and have the opportunity to use Bakkt’s platform solutions.
Bakkt expects the acquisition to diversify its revenue, help scale its offerings and accelerate product development. The statement also notes intentions to go to market with products related to crypto staking, external transfers and NFTs.
© 2022 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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Author: Adam James
