Bakkt, ICE’s institutional exchange, has announced that it will launch on stock markets at a possible $2.1 billion valuation.
It has been reported by the Wall Street Journal that Bakkt is set to merge with VPC Impact Acquisition Holdings, trading under the ticker VIH. VPC is a so-called “special purpose acquisition company” (SPAC).
However, it is a shell company whose only purpose is to buy or merge with another company and allow it to be listed on the stock markets without going through the lengthy and expensive process of an initial public offering.
The report said that Bakkt is expected to be valued at $2.1 billion after completing the merger.
The exchange will also raise an additional $532 million to support the development of Bakkt App, a retail-centric wallet and rewards app.
A Bakkt spokesperson said that the merger is set to be completed in the second quarter of 2021. The combined company will be renamed Bakkt Holdings, Inc. and will be listed on NYSE.
The representative also said that Bakkt is now focused on delivering the app in March.
Thus, Bakkt has seen an uptick in volume this year, posting several consecutive records.
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