Bakkt, the digital asset marketplace backed by New York Stock Exchange (NYSE) operator Intercontinental Exchange (ICE), is reportedly acquiring trading platform Apex Crypto.
According to a new report from Bloomberg, Bakkt has agreed to purchase Apex Crypto for up to $200 million in a bid to offer more products to its customers.
The acquisition is also expected to expand the firm’s engagement with financial technology firms as Apex Crypto currently provides crypto trading, clearing and custody services to dozens of clients in the space.
Bakkt will pay $55 million in cash to close the deal. Apex Crypto, which fintech powerhouse Apex Fintech Solutions launched in 2019, will also get up to $45 million worth of Bakkt’s own stock subject to certain conditions and another $100 million worth of stocks and seller notes if it hits certain goals by 2025.
Bakkt is pursuing the acquisition amid a 75% drop in its stock price this year as a result of the crypto downturn. The two companies have yet to sign an agreement to pursue their collaboration, but the deal is expected to be completed by the first half of 2023.
Last year, Bakkt also inked a partnership deal with tech titan Google to enable the integration of its virtual Visa debit cards and Google Pay.
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