Bakkt gains NYSE listing
Digital asset platform to be listed on New York Stock Exchange after merger with VPC Impact Acquisition Holdings
Bitcoin futures and options trading provider Bakkt announced on January 11 that it will be listed on the New York Stock Exchange (NYSE) through a merger with VPC Impact Acquisition Holdings, a special purpose acquisition company (SPAC) backed by investment firm Victory Park Capital. The combined company, expected to have a market value of $2.1bn (£1.5bn, €1.7bn), will be renamed Bakkt Holdings, Inc. The business combination is scheduled to be completed in the second quarter of 2021.
Bakkt is a digital asset platform founded by the Intercontinental Exchange in 2018. It currently offers Bitcoin futures and options trading.
The announcement also revealed that Bakkt’s consumer app, currently only available to invited users, will be launched to the general public in March 2021. Reports suggest that there are more than 400,000 registered app users at present. The app allows users to manage a variety of digital assets, alongside crypto, on a single platform.
It is thought that the use of cryptocurrencies for payment will further increase and that more people will own and use cryptocurrencies. Indeed, Starbucks has added Bakkt Cash as a payment method for customers.
The statement also included the announcement of the appointment of Gavin Michael as the new CEO of the new firm to replace interim CEO David Clifton, who will, in turn, sit on the board of the directors of the new firm.
‘The average consumer has a wealth of digital assets, but rarely tracks their value and wants to manage and leverage them. Our vision is to bring trust and transparency to digital assets through innovation and technology and, through that process, trillions of dollars of assets currently stored in customer and loyalty accounts. It’s about opening up and allowing consumers to take advantage of them.’
Elsewhere, it is worth noting that, in December 2020, the largest US Bitcoin exchange, Coinbase, filed an IPO application with the US Securities and Exchange Commission (SEC).