Intercontinental Exchange crypto venture Bakkt nears SPAC deal: report
Digital asset firm Bakkt is looking to tap into the public markets through a SPAC deal, according to a Bloomberg report.
Bakkt, a venture by Intercontinental Exchange, is reportedly in advanced stage talks to go public through a merger with blank-check firm VPC Impact Acquisition Holdings, according to Bloomberg’s sources. The transaction, which could be announced next week, would value the merged entity at $2 billion.
Bakkt is known in the crypto market for its derivatives products, including its futures and options on bitcoin. The firm has been developing a retail app for a wide range of digital assets, spanning loyalty points and bitcoin. It has raised $300 million from investors including Galaxy Digital, Boston Consulting Group, CMT Digital Ventures, and Pantera Capital.
SPACs—special purpose acquisition companies—became red-hot in 2020. The market for SPACs has exploded over the past year. As per data compiled by Goldman Sachs at the end of last year, SPACs made up more than 52% of the more than $140 billion raised via new listings in the US.
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Author: Frank Chaparro
