Bakkt, the cryptocurrency buying and selling platform majority-owned by Intercontinental Alternate, is rumored to be deep in discussions to go publ
Bakkt, the cryptocurrency buying and selling platform majority-owned by Intercontinental Alternate, is rumored to be deep in discussions to go public by a merger with VPC Affect Acquisition Holdings.
On Jan. 7, Bloomberg revealed a narrative citing nameless sources “with information of the matter” who claimed Bakkt is already in superior talks relating to the merger, predicting that an official announcement on the matter might be revealed as quickly as subsequent week.
The sources estimate the mixed entity might be valued at greater than $2 billion ought to the merger be accomplished.
VPC is a particular function acquisition firm intently affiliated with Victory Park Capital — an SEC-registered different funding agency. VPC chief govt John Martin has described the agency’s core technique as in search of to “establish, associate with and assist develop a enterprise within the fintech sector.”
Bakkt launched in 2019 and is an institutional targeted, regulated platform providing “physically-delivered” Bitcoin futures contract. The change’s futures drove $286 million in commerce quantity over the previous week.
Bakkt’s founding CEO and outgoing U.S. Senator, Kelly Loeffler, misplaced Georgia’s run-off election on Jan. 6.