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Bakkt may have acquired RCG for $19 million

by Isabel Woodford

May 14, 2019, 2:00PM EDT  ·  2 min read

Quick Take

  • Q1 reports from Bakkt’s majority shareholder ICE shows a mysteriously unaccounted-for $19 million cash figure under mergers and acquisitions
  • Bakkt partially acquired Rosenthal Collins Group in Q1 but ICE does not appear to have made any acquisitions of its own
  • This suggests that Bakkt may have paid $19 million for its first acquisition, which sources say is an “unusually high” amount
  • Further understanding of Bakkt’s acquisition prices may give an insight into the timing of Bakkt’s next funding round

by Isabel Woodford

May 14, 2019, 2:00PM EDT  ·  2 min read

Crypto exchange Bakkt likely paid $19 million for the acquisition of Rosenthal Collins Group (RCG), an analysis of its parent company ICE’s Q1 financial filings suggest. 

Bakkt and ICE declined to confirm, so it’s impossible to say categorically, but here are the puzzle pieces to an ever-interesting jigsaw.

The sum of $19 million is listed in ICE’s Q1’19 consolidated cash flow statement under ‘investing activities.’ This shows all cash movements from investing operations in the business and any cash paid by its subsidiaries (of which Bakkt is one).