Mergers & Acquisitions

‘We’re not standing still:’ Bakkt announces acquisition of assets from commodities broker

It looks like Bakkt is putting some of the $182 million it raised to work. 

The cryptocurrency platform run by Intercontinental Exchange announced Monday it completed its first acquisition. “I’m pleased to share that we have entered into an agreement to acquire certain assets of Rosenthal Collins Group (RCG), an independent futures commission merchant with nearly 100 years of earning clients’ trust,” CEO Kelly Loeffler said in a Medium post. Rosenthal Collins Group is a broker in the commodities and futures industry. ICE is planning to roll out physically delivered futures contracts for bitcoin this year. 

As part of the acquisition, the firm will welcome members of the RCG team to Bakkt. Loeffler said the deal will enhance Bakkt’s “risk management and treasury operations.”

“Other aspects of the transaction will contribute to our regulatory, AML/KYC and customer service operations as we help enable digital asset acceptance by bringing more choice and control to buyers and sellers,” she wrote. Loeffler said the acquisition proves the firm is not sitting on its hands as it awaits approval from the Commodities Futures Trading Commission to launch its futures product. “We’re not standing still as we await regulatory approval by the CFTC for the launch of regulated trading in our crypto markets,” she wrote.