Bakkt to Go Public via SPAC at $2.1 Billion Valuation
January 11, 2021 @ 9:26 am By JD Alois
Bakkt, is the latest Fintech to become a publicly-traded firm via a Special Purpose Acquisition Company (SPAC). Bakkt is the creation of the
Intercontinental Exchange (ICE) the parent company of the
New York Stock Exchange.
Bakkt is a regulated digital asset exchange that also provides a digital wallet.
Bakkt Holdings, LLC and
VPC Impact Acquisition Holdings (NASDAQ: VIH), a SPAC sponsored by Victory Park Capital, have entered into a definitive agreement for a business combination that will result in Bakkt trading on the NYSE with an enterprise value of approximately $2.1 billion. VPC completed its initial public offering in September 2020.
A company called Bakkt, which was started by
Intercontinental Exchange (ticker: ICE), the owner of the New York Stock Exchange, announced on Monday that it planned to go public.
Bakkt, founded in 2018, initially made waves by launching a Bitcoin futures product. But the company appears most focused now on a digital app that allows people to trade and spend various kinds of digital assets from cryptocurrencies to loyalty points from businesses like
Starbucks to videogame rewards.
Bakkt will go public through a special purpose acquisition company, or SPAC, which involves a shell company raising money to buy another company and take it public. Bakkt will merge with
Gavin Michael, former head of technology of Citi’s Global Consumer Bank, joins Bakkt as CEO
Bakkt investors will roll their equity into the combined company, with Intercontinental Exchange. | January 16, 2021
Intercontinental Exchange s digital asset marketplace Bakkt to go public via SPAC
Will DanielJan 12, 2021, 01:17 IST
Bakkt crypto application.Nipitpon Singad/EyeEm/Getty images
Intercontinental Exchange s
SPAC VPC Impact Acquisition Holdings.
In a CNBC interview, CEO Gavin Michael said that the company hopes to empower customers to use their digital assets for everyday spending.
Bakkt Holdings, Inc. will have an enterprise value of over $2 billion and expects to launch its flagship app in March.
The company has partnered with the likes of Chase, JetBlue, American Express, and Chipotle.
Intercontinental Exchange, Inc. and VPC Impact Acquisition Holdings-a SPAC sponsored by Victory Park Capital-announced on Monday that they have entered into a definitive merger agreement that will list the digital asset marketplace Baakt on the New York Stock Exchange.
Intercontinental Exchange s Bakkt is set to go public via merger with SPAC VPC Impact Acquisition Holdings.
In a CNBC interview, CEO Gavin Michael said that the company hopes to empower customers to use their digital assets for everyday spending.
Bakkt Holdings, Inc. will have an enterprise value of over $2 billion and expects to launch its flagship app in March.
The company has partnered with the likes of Chase, JetBlue, American Express, and Chipotle.
Intercontinental Exchange, Inc. and VPC Impact Acquisition Holdings a SPAC sponsored by Victory Park Capital announced on Monday that they have entered into a definitive merger agreement that will list the digital asset marketplace Baakt on the New York Stock Exchange.