New York-based Bakkt announced on Monday that it received regulatory approval to acquire trading infrastructure provider Apex Crypto in one of the largest deals in the crypto landscape since the onset of the bear market in mid-2021. The deal will see the publicly-traded Bakkt pay $55 million in cash plus $100 million in stock.
While Bakkt first announced the purchase in November, it had to wait for regulatory approval from the New York Department of Financial Services, where Bakkt holds both a BitLicense and trust charter, as well as a number of other states where Bakkt and Apex hold money transmitter licenses.
