Crypto Exchange Bakkt to Go Public With SPAC Merger

Bakkt cryptocurrency exchange is planning for a public listing with a merger with blank-check acquisition firm VPC Impact Acquisition Holdings.

January 08, 2020 | AtoZ Markets – Bakkt, a US-based crypto exchange, will go public through a reverse merger. The deal is nearing completion, Bloomberg writes.

ICE Bakkt to go public through a merger with VPC Impact Acquisition Holdings

Sources of the publication claim that Bakkt will take over VPC Impact Acquisition Holdings. This is a so-called SPAC company – it is public but does not operate. SPAC’s goal is to help others get listed.

In 2020, the popularity of SPAC has skyrocketed. According to Goldman Sachs, reverse mergers with such firms accounted for 52% of the total $ 140 billion raised in the IPO.

Bakkt trades Bitcoin options and deliverable and settlement futures. Established in August 2018, the platform is owned by the New York Stock Exchange (NYSE) parent Intercontinental Exchange (ICE). By the end of 2018, it had raised $182.5 million from Boston Consulting Group, Galaxy Digital, Protocol Ventures, and others. After this round of funding, it was estimated at $740 million.

In 2020, Bakkt raised another $300 million from Microsoft M12, PayU, Goldfinch Partners, CMT Digital, and Pantera Capital.

Initially, the platform was headed by Kelly Loeffler, but then she was appointed to the post of Senator from the state of Georgia. She, however, lost the recent elections to a representative of the Democratic Party.

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