Digital Asset Platform Bakkt Agrees to Buy Apex Crypto for Up to $200M

The firm will pay $55 million in cash upon deal close, and $145 million in stock and seller notes upon achieving certain financial targets.

AccessTimeIconNov 3, 2022 at 10:42 a.m. UTC
Updated May 9, 2023 at 4:01 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global event for everything crypto, blockchain and Web3.Register Now

Digital asset platform Bakkt Holdings (BKKT) will acquire crypto trading infrastructure firm Apex Crypto from Apex Fintech Solutions, the firm said on Thursday.

Bakkt, which is majority-owned by financial exchange Intercontinental Exchange (ICE), will initially pay $55 million in cash at the closing of the deal, and up to $145 million in Bakkt stock and seller notes upon achievement of some financial targets.

  • 'The Voice' Makes Its Way to the Metaverse
    'The Voice' Makes Its Way to the Metaverse
  • Staking Has Been a Major Liquidity Sink for ETH: Coinbase Institutional
    Staking Has Been a Major Liquidity Sink for ETH: Coinbase Institutional
  • Fantom Token Jumps; Dolce & Gabbana Sued for NFT Deliveries
    Fantom Token Jumps; Dolce & Gabbana Sued for NFT Deliveries
  • What's the Key to Winning a Hackathon?
    What's the Key to Winning a Hackathon?
  • The deal, which is expected to close in the first half of 2023, will offer revenue growth, cost saving and synergies for Bakkt. It will also help the firm expand its crypto client base. Apex Crypto offers solutions for execution, clearing, custody, cost basis and tax services.

    Established in 2018, Bakkt initially raised $182.5 million to build out its bitcoin (BTC) futures and options product. It went public last October after completing a merger with special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings.

    Goldman Sachs (GS) was the financial adviser for Bakkt. Wilson Sonsini Goodrich and Rosati, PC, and Alston & Bird LLP were acting as legal advisers for Bakkt, while Sidley Austin LLP was legal adviser to Apex Fintech Solutions.

    “With the addition of this complementary business, we believe we are poised to be a crypto provider of choice for financial institutions, fintechs, merchants or loyalty programs that want to offer seamless crypto experiences to their customers," said Gavin Michael, CEO of Bakkt. "It’s also expected to enable us to unlock more innovative opportunities that appeal to the next generation of consumers such as crypto rewards and NFTs.”

    UPDATE (Nov. 3, 11:11 UTC): Adds additional information.

    UPDATE (Nov. 3, 11:02 UTC): Adds context, additional information throughout.


    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Parikshit Mishra

    Parikshit Mishra is CoinDesk's Deputy Managing Editor responsible for breaking news coverage. He does not have any crypto holdings.

    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.

    Read more about