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Bakkt LLC, a digital asset startup founded by New York Stock Exchange owner Intercontinental Exchange Inc., today announced plans to go public via a special-purpose acquisition company, the latest startup to take the SPAC route.
The plans to go public involve a company listed on the Nasdaq called VPC Impact Acquisition Holdings, a SPAC sponsored by Victory Park Capital. The combined companies will be renamed Bakkt Holdings Inc. and will be listed on the New York Stock Exchange despite the SPAC currently being listed on the Nasdaq. The combined companies will list with an expected valuation of $2.1 billion.
As part of the deal, Bakkt will raise an additional $532 million from Victory Park Capital. The funding will be used to support the development and marketing of the Bakkt App, an as-yet launched application that will allow Bakkt users to manage their digital assets holdings.
Bakkt Plans to Go Public on NYSE at $2.1B Valuation, Announces Merger with VPC
Jan 12 2021 · 09:51 UTC by Bhushan Akolkar · 3 min read
Photo: Shutterstock
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In a SPAC merger with Victory Park Capital, Bakkt plans to go public on the New York Stock Exchange (NYSE) at an estimated valuation of $2.1 billion. Bakkt parent ICE has pledged a $50 million initial investment.
Crypto firm Bakkt, the subsidiary of Intercontinental Exchange, announced its merger with VPC Impact Acquisition Holdings as part of a business combination deal. The official announcement came on Monday, January 8 on the backdrop of the plans of Bakkt to go public on the New York Stock Exchange (NYSE).
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/PRNewswire/ Moore Kuehn, PLLC, a law firm focusing in securities litigation located on Wall Street in downtown New York City, is investigating potential.
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