Bitcoin exchange Bakkt to become public listed on the NYSE. According to Monday’s announcement, under the agreement, Baktt will join forces with VPC Impact Acquisition Holdings, a special purpose acquisition company supported by Victory Park Capital.
The company will be named “Bakkt Holdings” and will be listed on the New York Stock Exchange with an expected valuation of $2.1 billion. With that, Gavin Michael, former head of technology of Citi’s Global Consumer Bank, joins Bakkt as CEO effective today.
According to the announcement, Bakkt’s investors’ equity will roll into the combined company, with Intercontinental Exchange contributing an additional $50 million. Bakkt, with help from Intercontinental Exchange, acquired loyalty rewards provider Bridge2 Solutions a year ago.
The firm is planning a full launch of its Bakkt Cash app this spring, with Starbucks having merged it as a way for customers to top up their credits with bitcoin (BTC, -19.14%).
[image: Luca Bravo]