The crypto trading infrastructure company Apex Crypto will be purchased by digital asset platform Bakkt Holdings (BKKT) from Apex Fintech Solutions, the company announced on Thursday.
The Intercontinental Exchange (ICE), which owns a majority of Bakkt, will pay $55 million in cash at the deal's closure and up to $145 million in Bakkt stock and senior notes if certain financial goals are met.
For Bakkt, the agreement will result in revenue diversification and synergies and help the company grow its cryptocurrency clientele.
Bakkt was founded in 2018 and raised its initial $182.5 million to develop its bitcoin futures and options product. After successfully merging with special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings, it went public in October of last year.