In a sudden twist that has left the crypto community buzzing, Bakkt, the renowned digital asset firm under the ownership of Intercontinental Exchange, has executed a knockout move by delisting a majority of tokens from its recently acquired trading platform, Apex Crypto.

A spokesperson for Bakkt confirmed the surprising decision, stating that it was part of their “regular coin listing review process.” While further details remain sparse, it appears that the majority of the delisted tokens are closely tied to the popular decentralized finance (DeFi) and nonfungible token (NFT) ecosystems, which has sparked curiosity and speculation among industry observers.

This move comes after Bakkt announced its plans to acquire Apex Crypto back in November 2022, with the aim of establishing a stronger presence in the fintech market. Apex Crypto, known as a “turnkey” service provider, offers a range of essential services, including execution, clearing, custody, cost basis, and tax services to an impressive customer base of five million users through 30 fintech clients.

The acquisition was successfully completed in April, with Bakkt sealing the deal by paying $55 million in cash and $145 million in stock. This strategic move was seen as a significant step towards Bakkt’s expansion and diversification within the crypto space.

Notably, Bakkt also acquired a broker-dealer license from Bumped Financial earlier this year, further enhancing its capabilities and regulatory compliance.

In a surprising turn of events, Bakkt shut down its retail-oriented app in March, signaling a shift in focus towards business-to-business operations. The app had initially offered crypto trading, loyalty rewards, and gift cards to retail users. The company emphasized its commitment to providing crypto and loyalty solutions to businesses through service-as-a-sale and application programming interface (API) offerings.

As news of the delisting broke, Bakkt’s parent company, Intercontinental Exchange, which also owns the New York Stock Exchange, witnessed a 7% decline in its stock value :on May The unexpected move by Bakkt has raised questions about its future plans and the potential impact on the broader crypto market.

While the rationale behind Bakkt’s decision to remove a significant number of tokens from the Apex Crypto platform remains undisclosed, industry experts speculate that it may be part of a strategic realignment to focus on core offerings or to comply with regulatory requirements. It is evident that Bakkt is keen on refining its operations and adapting to the evolving landscape of the crypto industry.

In a surprising move, digital asset firm Bakkt has decided to delist the majority of tokens from its recently acquired Apex Crypto trading platform. Out of the 36 crypto tokens listed, 25 have been dropped, leaving the crypto community speculating about the reasons behind this decision.

While Bakkt’s spokesperson mentioned that the move is part of their regular coin listing review process, further details regarding the specific criteria for delisting remain sparse. However, it is worth noting that most of the tokens removed from the platform are associated with popular decentralized finance (DeFi) and non-fungible token (NFT) ecosystems.

Bakkt’s acquisition of Apex Crypto in 2022 was seen as a strategic move to strengthen its presence in the fintech market. The platform offered various services, including execution, clearing, custody, cost basis, and tax services to millions of customers through its fintech clients. The acquisition was completed earlier this year, with Bakkt paying a substantial sum of $55 million in cash and $145 million in stock.

The recent delisting of tokens comes after Bakkt decided to shift its focus from retail-oriented operations to business-to-business solutions. This shift was evident when the company shut down its retail app, which provided crypto trading, loyalty rewards, and gift cards. Bakkt now aims to serve businesses by offering crypto and loyalty solutions through service-as-a-sale and API solutions.

As a majority-owned subsidiary of Intercontinental Exchange, the parent company of the New York Stock Exchange, Bakkt’s decisions in the crypto market often attract attention. The impact of this delisting decision on Bakkt’s future performance remains to be seen, but it has certainly sparked discussions and raised questions within the crypto community about the company’s strategy moving forward.