Bakkt will acquire Apex Crypto in a deal worth up to $200 million

Bakkt, a digital asset company based in the US, has signed a binding agreement to buy Apex Crypto, a platform for trading cryptocurrencies, for up to $200 million.

According to the terms of the deal, Bakkt will pay $55 million in cash at the close of the deal and up to $45 million in Bakkt stock in Q4 2022, depending on how well Apex meets its financial goals. The company will then pay up to $100 million more in stock and seller notes, depending on how well Apex meets its financial goals until 2025.

With the acquisition, Bakkt aims to “significantly bolster” its cryptocurrency product offerings and serve more client verticals including fintechs, trading app platforms and neobanks.

Gavin Michael, CEO of Bakkt, says the acquisition “will expand our crypto client base, provide us with faster speed to market for new crypto capabilities and serve as an additional avenue for continued sales to a crypto-savvy audience through Apex Fintech Solutions”.

Bakkt also expects the deal will unlock more opportunities such as crypto rewards and NFTs that will appeal to the next generation of consumers.

Launched in 2019, Apex Crypto allows users to buy and sell more than 30 cryptocurrency tokens and claims to have 220+ clients.

The transaction is expected to close in the first half of 2023, subject to regulatory approvals.