The company announced on Thursday that digital asset platform Bakkt Holdings (BKKT) would acquire Apex Crypto, an infrastructure provider for cryptocurrency trading.
- For Bakkt, the transaction will result in increased revenue, cost savings, and synergies. It is anticipated to conclude in the first half of 2023. It will also aid the business in growing its cryptocurrency clientele.
- Apex Crypto provides options for tax services, cost basis, custody, execution, and clearing. To meet Apex crypto’s financial goals, it is anticipated that $45 million will be paid in Bakkt shares in the last quarter of 2022. Additionally, up to an additional $100 million in Bakkt shares and seller notes will follow suit, contingent upon the firm’s acquisition until 2025.
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The Agreement and Transaction Details
- Bakkt was founded in 2018 and raised $182.5 million to develop its Bitcoin (BTC) futures and options product. It went public last October after merging with special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings.
- According to the contract terms, Bakkt will buy Apex Crypto for a maximum of $200 million. Bakkt will pay $55 million in cash when the deal closes. If the acquired company meets its financial goals by the fourth quarter of 2022 it will pay up to $45 million in Bakkt stock. If the acquired company meets its financial goals by the end of 2025, Bakkt may pay up to an additional $100 million in Bakkt stock and seller notes.
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