In an effort to strengthen Bakkt‘s cryptocurrency offering and broaden its customer base by embracing verticals like fintech, trading app platforms, and neo-banks, Bakkt Holdings has finally signed the contract to purchase Apex Crypto from Apex Fintech Solutions. The acquisition’s maximum purchase price has been set at $200 million, of which Bakkt will initially pay $55 million in cash after the deal is finalized.
Finally, depending on the financial goals that Apex meets through 2025, the acquiring company may pay up to $100 million in Bakkt stock and seller notes. Since Bakkt and Apex Crypto’s combined capabilities are aimed at more sophisticated crypto products, regulatory approvals will be needed for the transaction.
Gavin Michael, CEO of Bakkt, spoke extensively about the acquisition and the future. He asserts that the acquisition will assist the business in becoming the preferred cryptocurrency provider, loyalty programs, merchants, and fintech firms looking to offer their customers seamless crypto experiences. In addition, he discussed using crypto rewards and NFTs to gain access to more cutting-edge opportunities aimed at the next generation of consumers.
“We found a unique asset in Apex Crypto, which 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.”
Apex Crypto’s turnkey platform, which enables integrated crypto trading, is an ideal tool for meeting the needs of over 30 fintech firms and their rapidly expanding customer base. It offers execution, clearing, custody, cost basis, and tax services for over 30 crypto tokens, allowing for seamless crypto investing. The agreement includes a commercial agreement between Bakkt and Apex Fintech Solutions that will bring the former’s crypto solutions to the latter’s 220+ institutional clients. Apex Fintech Solutions will now be able to provide Bakkt’s leading platform solutions to its entire client base.
William Capuzzi, CEO of Apex Fintech, spoke extensively about the acquisition agreement, saying
“It’s our purpose at Apex to enable frictionless investing for everyone and Bakkt’s team and platform are a tremendous complement to that. We look forward to working together to continue to provide customers with a seamless crypto experience and access to an expanded solution set. This is the beginning of an exciting time of growth and innovation for both of our organizations.”