The digital asset marketplace is going public on the New York Stock Exchange (NYSE) on October 18, with the help of a special purpose acquisition company (SPAC).
Bakkt Merges With VPC, Starts Trading
Bakkt had first announced its plans to go public in January 2021. On Friday, in a press release issued by parent company Intercontinental Exchange, it was announced that the crypto startup had completed a merger with the blank-check company VPC Impact Acquisitions Holdings. Therefore, starting today, the combined business will be listed on the NYSE under the ticker symbol BKKT.
Bakkt CEO, Gavin Michael, spoke on the momentous occasion,
“Today marks a special day for Bakkt. Closing the business combination provides us with the necessary capital to continue to do what we do best, which is innovate. We are thrilled to enter this next chapter, and we look forward to propelling our growth initiatives and advancing our mission of connecting the digital economy.”
VPC Shareholders Vote Yes To Merger
VPC Impact Acquisitions Holdings, an affiliate of Victory Park Capital, also issued its own press release.
“At the extraordinary general meeting of its shareholders held on October 14, 2021, the shareholders voted to approve its previously announced business combination with Bakkt Holdings, LLC, the digital asset marketplace founded in 2018. Approximately 85.1% of the votes cast at the meeting voted to approve the business combination.”
The announcement also stated that the shareholder’s voting that approved the merger would be included in a report on Form 8-K to be filed with the US SEC.
Bakkt Expands To Google
The digital marketplace startup Bakkt was originally a cryptocurrency custodian that stocked BTCs for major investors. However, it evolved to become a platform that allowed BTC futures trading, with an app, focused on online spending of cryptocurrencies. In fact, back in 2019, the firm even partnered with Starbucks to allow the purchase via BTC.
Bakkt has been working towards expanding its reach and increasing digital asset accessibility to millions of new customers. Before going public, their latest expansion initiative was the collaboration with Google to extend the reach and usability of digital assets to meet the rapidly evolving consumer demand and preferences. It would allow users to add their Bakkt Via Debit Cards to Google Pay. The initiative would also facilitate the conversion of cryptos to fiat currencies for increased payment options.
As CEO Michael says,
“We remain focused on building out a broader partner ecosystem, expanding the digital assets that we capture and offer today, and gaining momentum by partnering with leading companies across industries including Choice Hotels, Wyndham Rewards, Google, Finastra, and Starbucks, to name a few.”
Disclaimer: 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.