October 17, 2021

Bakkt shares to start trading on NYSE

Bakkt shares to start trading on NYSE

Institutional platform Bakkt announced the completion of its merger with SPAC VPC Impact Acquisition Holdings. Its shares will begin trading on the New York Stock Exchange (NYSE) under the ticker BKKT on Monday, October 18.

Closing the business combination gives us the capital we need to continue doing what we do best - innovation. [...] We remain focused on building a broader partner ecosystem as well as expanding the list of digital assets we offer to customers, said Bakkt CEO Gavin Michael.

VPC Impact Acquisition Holdings shareholders approved the merger with Bakkt at a special meeting on 14 October. Approximately 85% of those voting in favour of the deal.

Gross proceeds from the transaction amounted to about $448 million. The funds will be used to further develop the platform and marketing efforts. The value of the combined company is estimated at $2.1 billion.

Bakkt announced the merger with SPAC in January 2021. As part of the initiative, the platform has appointed Michael, who was previously CTO of Citibank's consumer division, as CEO.

Intercontinental Exchange Financial Corporation, which owns the NYSE, introduced Bakkt in 2018. The platform is designed to trade options as well as settlement and delivery futures on bitcoin.

In March 2021, Bakkt launched a mobile app that allows the first cryptocurrency to be stored, bought and sold. The digital wallet is available on iOS and Android platforms.

Recall that in July, cryptocurrency exchange operator Bullish - a subsidiary of EOS developer Block.One - announced its merger with SPAC. The merged entity was valued at about $9 billion.

Jack Evans

About the author

I became a crypto asset owner in 2014, when the industry was in its infancy. Before that, I was working in the classic US and European stock markets. Since then, I have gained extensive experience in both cryptocurrency investing and day trading. I am happy to share with readers my experience with crypto exchanges, DeFi and NFT instruments. 

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