Bakkt Delists 25 Tokens In Compliance With Regulatory Guidance

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• Bakkt has delisted 25 tokens from its Apex Crypto platform.
• The decision was based on regulatory guidance and a shift in strategy towards B2B services.
• Bakkt’s acquisition of Apex cost $200 million in cash and stock.

Bakkt Delists Tokens from Apex Crypto Platform

Bakkt, a digital asset firm, has delisted 25 out of the 36 tokens on its recently acquired Apex Crypto platform. The move is likely to be in compliance with regulatory guidance and reflects a perceived shift on Bakkt’s overall strategy from crypto retail towards business-to-business (B2B) services.

Delisting Details

The majority of the delisted tokens belong to popular decentralized finance (DeFi) and nonfungible token (NFT) ecosystems, including Aave (AAVE), Chainlink (LINK), Curve DAO (CRV), Filecoin (FIL), MakerDAO (MKR), Stellar (XLM), Sushiswap (SUSHI), Tezos (XTZ), Uniswap (UNI) and Yearn Finance (YFI). According to a Bakkt spokesperson, the decision was made in the interest of consumer and client protection as part of regular internal reviews of listed coins.

Acquisition Details

The delisting announcement comes after Bakkt finalized its acquisition of Apex Crypto in April 2021, following negotiations that began in November 2022. The deal cost the company $55 million in cash and $145 million in stock for an unprofitable platform that provides execution, clearing, custody, cost basis and tax services to 5 million customers through 30 financial technology partners.

Broker-Dealer License

In February 2021, Bakkt secured a broker-dealer license from Bumped Financial as part of an effort to expand its presence into the fintech market. However, the firm later decided to shut down its retail app instead focus on providing crypto and loyalty solutions to businesses through Software-as-a-Service(SaaS) and API solutions. Intercontinental Exchange is currently the majority owner of Bakkt as well as owning New York Stock Exchange.

Stock Performance

Bakkt’s stock experienced 7% decline on May 12 when announcing token delistings but is down 40% over last six months with 3.45% year-to-date gain performance wise . Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax or investment advice