Bakkt Holdings, Inc. (NYSE:BKKT) today announced that the company has completed its acquisition of Apex Crypto LLC. The parties have secured all required regulatory approvals.

The deal was first announced in November 2022. Under the terms of the agreement, Bakkt will acquire Apex Crypto for a maximum purchase price of $200 million.

“This acquisition marks an exciting new chapter for Bakkt, significantly advancing portions of our crypto roadmap, helping us tap into a universe of 5.8 million crypto-enabled accounts, and further establishing Bakkt as the B2B2C crypto provider of choice,” said Gavin Michael, CEO of Bakkt. “We’re looking forward to welcoming the Apex Crypto team members to Bakkt and working together to accelerate our growth and strategy.”

Apex Crypto is a turnkey platform for integrated crypto trading, developed to meet the growing needs of fintechs, trading apps, neobanks and their customers. Apex Crypto supports clients with a robust solution for execution, clearing, custody, cost basis and tax services, facilitating the delivery of frictionless crypto investing.

With over 30 clients and $12.5B cryptocurrency traded since inception, the acquisition of Apex Crypto provides immediate scale on day one. Further, as part of the transaction, Bakkt will work to bring its leading platform solutions to the 220+ clients served by the combined businesses within Apex Fintech Solutions.

This transaction is expected to bolster Bakkt’s path to profitability – delivering revenue diversification and synergies to the Company as it scales its offerings. Bakkt expects that this acquisition will accelerate its product innovation and development, with more advanced crypto solutions that will offer its partners expanded options and functionality.

Joint capabilities will unlock new opportunities that appeal to the next generation of consumers, such as crypto rewards, as well as the potential to enter international markets through partners.