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Bakkt might go public by rumored $2B merger

01/08/2021

Regulated Bitcoin futures platform Bakkt is reportedly eyeing going public by a rumored merger.

Bakkt, the cryptocurrency buying and selling platform majority-owned by Intercontinental Trade, is rumored to be deep in discussions to go public by a merger with VPC Influence Acquisition Holdings.

On Jan. 7, Bloomberg revealed a narrative citing nameless sources “with information of the matter” who claimed Bakkt is already in superior talks concerning the merger, predicting that an official announcement on the matter could possibly be revealed as quickly as subsequent week.

The sources estimate the mixed entity could possibly be valued at greater than $2 billion ought to the merger be accomplished.

VPC is a particular goal acquisition firm intently affiliated with Victory Park Capital — an SEC-registered various funding agency. VPC chief government John Martin has described the agency’s core technique as searching for to “establish, accomplice with and assist develop a enterprise within the fintech sector.”

Bakkt launched in 2019 and is an institutional centered, regulated platform providing “physically-delivered” Bitcoin futures contract. The alternate’s futures drove $286 million in commerce quantity over the previous week.

Bakkt’s founding CEO and outgoing U.S. Senator, Kelly Loeffler, misplaced Georgia’s run-off election on Jan. 6.