January 22, 2021

Media: Bakkt will hold an IPO

Media: Bakkt will hold an IPO

Bakkt, a cryptocurrency platform controlled by Intercontinental Exchange Inc. negotiations on a merger with SPAC-company VPC Impact Acquisition Holdings.

According to Bloomberg, the deal will be worth more than $ 2 billion, and it could be completed as early as next week.

VPC Impact Acquisition Holdings -A “specialized targeted mergers and acquisitions company” (SPAC) that brings other companies to the stock market through a traditional IPO. In the face of the 2020 pandemic, SPACs have gained popularity by offering alternative ways to go financial. The number of such companies is 2 times higher than in 2019.

VPC, led by a chairman and chiefChief Executive Officer John Martin, said its value creation strategy is to "identify, collaborate and promote the development of the fintech business."

Bakkt is a regulated platform focused on institutional structures. In 2019, the company launched a fully regulated Bitcoin futures and options market.

Last year, Bakkt raised $ 300 million in capital from ICE and other investors and acquired Bridge2 Solutions, a loyalty program provider.

Bakkt is headed by interim CEO David Clifton, ICE's vice president of mergers and acquisitions. Outgoing US Senator Kelly Loeffler was its CEO.

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