Bakkt Holdings has become a publicly traded company on the New York Stock Exchange from today.
It has been reported that the public listing for Bakkt ticker comes as a result of a merger with VPC Impact Acquisition Holdings, a Chicago-based special purpose acquisition company.
However, according to an official statement, a shareholders meeting regarding the merger saw approximately 85.1% approval for the business combination.
The official statement said:
“Upon closing, the combined company’s Class A common stock and warrants are expected to begin trading on the New York Stock Exchange (“NYSE”) under the ticker symbols “BKKT” and “BKKT WS” respectively.”
The report said that the business combination resulted in gross proceeds of approximately $448 million to Bakkt, which is planned to be reinvested in growing the company's capabilities and partnerships. Just last week, Bakkt crypto exchange announced a partnership with Google to allow the purchase of goods and services using Bitcoin (BTC) and other cryptocurrencies via the Google Pay platform.
Gavin Michael, the CEO of Bakkt, said:
“The partnership is a testament to Bakkt’s strong position in the digital asset marketplace, to empower consumers to enjoy their digital assets in a real-time, secure, reliable manner.”
Likewise, in March, Bakkt launched a payments app that allows users to make purchases via cryptocurrencies, prior to which the exchange offered BTC futures contracts exclusively to accredited investors. Mainstream crypto adoption in the United States sees increased support from lawmakers as a new bill demands a safe harbor for certain token projects.
A new draft bill proposed by North Carolina House Representative Patrick McHenry, “Clarity for Digital Tokens Act of 2021,” suggests the amendment of the Securities Act of 1933 that allows projects to offer tokens without registering for up to three years.
Thus, the bill was based on an older initiative from SEC commissioner Hester Peirce in which highlighted that “safe harbor could be the most groundbreaking development for the US cryptocurrency market to date.”