Bakkt has completed its acquisition of the integrated trading platform Apex Crypto, according to an announcement published by the former company on April 3.
Gavin Michael, CEO of Bakkt, said that the acquisition will help Bakkt progress make progress on its “crypto roadmap,” writing:
“This acquisition marks an exciting new chapter for Bakkt… helping us tap into a universe of 5.8 million crypto-enabled accounts, and further establishing Bakkt as the B2B2C crypto provider of choice.”
Bakkt said that the deal should improve its profitability, help it provide more services and reward options, and accelerate innovation and development.
Bakkt described Apex Crypto as a turnkey platform for integrated crypto trading. The company said that Apex Crypto serves more than 30 clients and has traded $12.5 billion worth of cryptocurrency since it went live in 2019. Bakkt added that it would also work with more than 220 clients served by the related company Apex Fintech Solutions.
Though Bakkt did not reveal the value of the deal in the press release, reports from Fortune suggest that Bakkt will pay up to $155 million in cash and stock to complete the purchase.
Both parties have reportedly obtained the necessary regulatory approvals.
Bakkt is notable as it is operated by the Intercontinental Exchange (ICE), which also owns the NYSE. Bakkt initially launched its Bitcoin futures trading platform for institutional investors in 2019. It expanded to provide a consumer payments app in 2021 and also became a publicly traded company that same year.