Bakkt Will Begin Trading on the NYSE Next Week

Kavya  |  Oct 18, 2021

Bakkt will begin trading as a public corporation on the New York Stock Exchange (NYSE) on October 18. Bakkt's ticker symbol will be "BKKT." The merger with VPC Impact Acquisition Holdings has been completed, according to Intercontinental Exchange.

It Is Confirmed That Bakkt Is Going Public On the NYSE through SPAC

Bakkt was introduced in 2018 by ICE, which is well known for running the NYSE. 

Bakkt originally announced plans to go public in January through a merger with a special purpose acquisition company (SPAC) VPC with the transaction valued at around $2.1 billion.

ICE stated that it owns a 68% economic stake in the amalgamated firm as well as a minority voting stake. 

During an Oct. 14 meeting, VPC shareholders approved the merger with Bakkt with about 85.1% of ballots cast in support of the agreement.

Following the news, Bakkt announced the appointment of Gavin Michael, a former Citi executive as its new CEO. 

Former Bakkt’s temporary CEO, David Clifton who will join the merged company’s board of directors will be replaced by Michael. 

Bakkt also announced that its retail app, Bakkt Cash, will be available in March of this year. According to the company, over 400,000 customers have signed up for early access to the software.

Bakkt aims to raise an extra $532 million as part of the agreement to develop and promote the software, according to the Wall Street Journal

According to Crunchbase, the company has raised a total of $482.5 million to far.

The Platform's Background 

Bakkt is a reputable digital asset marketplace where customers purchase, sell, store and spend digital assets. Bakkt’s retail platform is currently available to partners via the Bakkt platform and the recently announced Bakkt app increases consumer spending and strengthens loyalty programs, creating value for all major players within the Bakkt payments and digital assets ecosystem. 

Bakkt was founded in 2018 by Intercontinental Exchange, Inc. and is headquartered in Alpharetta, Georgia.

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