Bakkt, which is the brainchild of the New York Stock Exchange owners, which developed a digital asset platform, is going public.
Crypto trading exchange Bakkt, which counts NYSE-owner Intercontinental Exchange, Inc. (ICE) among its investors, is going public at the New York Stock Exchange (NYSE) via a merger with VPC Impact Acquisition Holdings Inc., a special purpose acquisition company (SPAC). The announcement was released earlier today with the deal’s valuation totaling about $2.1 billion. According to Crunchbase, Bakkt has raised $482.5 million.
The Intercontinental Exchange (ICE), best known for operating the NYSE, launched Bakkt back in 2018. Bakkt will start trading on the New York Stock Exchange (NYSE) as a public company starting Oct. 18, ICE said in a press release. It will use the ticker “BKKT.”
Bakkt has pivoted from its initial vision of providing “trust and transparency” to the digital assets ecosystem to developing consumer applications for digital assets. It launched a digital wallet last year and tested integration of “Bakkt cash” with Starbucks. The wallet’s scope was later expanded to all kinds of digital assets, including rewards miles and loyalty points. In May 2020, Bakkt acquired Bridge2 Solutions, a loyalty rewards company, for $300 million.
