Did ICE-Owned Bakkt Acquire RCG For Almost $20 Million Per Latest Shareholder Q1 Reports?

Did Bakkt Acquire RCG For Almost $20 Million?

The cryptocurrency company and platform Bakkt could have paid almost $20 million for Rosenthal Collins Group (RCG). According to The Block, this is what the Intercontinental Exchange’s (ICE) Q1 financial filings suggest. The ICE is the parent company of Bakkt and the New York Stock Exchange (NYSE).

Bakkt Could Have Acquired RCG

Bakkt is currently working on a cryptocurrency exchange and custody solution for companies in the market. The firm could have paid $19 million for Rosenthal Collins Group. This is what the financial filings of the company suggest since the ICE registered these $19 million as “investing activities.”

The ICE is also tracking record of the purchases that it does in its statement. They have already acquired Bond Point for $400 million. Nonetheless, there is no information regarding an investment during the first quarter of 2019, which suggests that the purchase was made by Bakkt.

Although it is possible to think that the NYSE could have made this purchase, The Block considers that the $19 million figure is related to RCG, which is a futures commission merchant located in Chicago. At the same time, Bakkt has also acquired the Digital Asset Custody Company (DACC).

Jeff Sprecher, the CEO of the ICE, explained:

“We acquired a company earlier this week that wouldn’t have been available to us had this market been really hot because valuations were really hot.”

At the moment, Bakkt is waiting for approval from U.S. regulators in order to be able to launch its products and services to the market. A few days ago, Kelly Loeffler, the CEO of Bakkt, announced that they were working with different agencies in order to launch user acceptance testing (UAT) for futures and custody in July this year.