Bakkt to Go Public via Merger with Victory Park SPAC: Report
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Bakkt to Go Public via Merger with Victory Park SPAC: Report

January 8, 2021      Jafrin Ahmed

Crypto exchange Bakkt is reportedly in talks to go public via merging with special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings. VPC is a SPAC company affiliated with Victory Park Capital, an SEC-registered alternative investment firm. The deal, if successful, could put the combined valuation of the merger at more than $2 billion. As reported by Bloomberg, an official announcement could soon be announced by next week.

Bakkt Is Popularly Known for Its Regulated Derivatives Products

Bakkt is a venture owned by Intercontinental Exchange. U.S. Sen. Kelly Loeffler was the crypto trading platform’s founding CEO.

Launched in 2019, Bakkt is an institutional focused, regulated platform offering physically-delivered Bitcoin futures contracts. Over the past week, the exchange’s futures drove $286 million in trading volume.

READ  Bitcoin's Futures Trading Rose To $3 Trillion In 2019

Bakkt is popularly known among investors for its fully regulated derivatives products, including futures and options on bitcoin. The platform has been developing a retail app for a wide range of digital assets including loyalty points and bitcoin. Last year, the platform raised $300 million from investors including Galaxy Digital, Boston Consulting Group, CMT Digital Ventures, and Pantera Capital.

The crypto platform is led by interim Chief Executive Officer David Clifton, ICE’s vice president of M&A and integration. U.S. Senator Kelly Loeffler as its founding CEO. Her successor, Mike Blandina, left for JPMorgan Chase & Co. last April.

VPC Affiliated With Victory Park Capital

VPC Impact Acquisition Holdings is a SPAC company affiliated with Victory Park Capital that raised about $200 million in a September initial public offering.  Founded in 2020, the company is led by former Antares Capital co-CEO, John Martin.

READ  Mike Blandina Resigns As CEO Of Bakkt, ICE To Appoint David Clifton

A Special Purpose Acquisition Company (SPAC) is created solely to merge or acquire another business and take it public to offer a cheaper, faster alternative route to an initial public offering (IPO).

SPACs have gained significant popularity in 2020. As per data compiled by Goldman Sachs at the end of 2020, SPACs made up more than 52% of the $140 billion raised via new listings in the U.S.

#Bakkt #Public #SPAC #Special Purpose Acquisition Company #Victory Park Capital #VPC Impact Acquisition Holdings
Jafrin Ahmed
Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.