Intercontinental Exchange crypto venture Bakkt nears SPAC deal: report

Bakkt is going public on the New York Stock Exchange via a SPAC


Crypto firm Bakkt today announced that it is going public on the New York Stock Exchange via a SPAC deal, confirming Bloomberg’s report from last week.

Bakkt is merging with VPC Impact Acquisition Holdings at a valuation of about $2.1 billion. VPC held its initial public offering in September 2020.

As part of the fresh development, Bakkt has also appointed new CEO Gavin Michael, a former Citi executive. Michael replaces former Bakkt interim CEO David Clifton, who will join the combined company’s board of directors.

Bakkt has also announced the targeted launch of its retail app, Bakkt Cash, in March of this year. The firm said over 400,000 consumers have signed up for early access to the app.

This is a developing story and will be updated…

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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