ICE-Backed Bakkt to Acquire Apex Crypto for Up to $200 Million

Bakkt Holdings Inc., a digital-asset platform majority owned by Intercontinental Exchange Inc., agreed to buy Apex Crypto LLC for as much as $200 million to expand its product offering.

Bakkt will pay $55 million in cash to acquire the unit owned by Apex Fintech Solutions Inc., according to a statement from the buyer. Bakkt has also offered up to $45 million of its own stock, contingent on Apex Crypto hitting certain targets.

An additional $100 million of Bakkt stock and so-called “seller notes” may be paid if Apex Crypto meets certain goals through 2025. The deal is expected ...