ICE’s Cryptocurrency Venture to Go Public Through a SPAC
- Date: 11-Jan-2021
- Source: The Wall Street Journal
- Sector:Financial Markets
- Country:Middle East
ICE’s Cryptocurrency Venture to Go Public Through a SPAC
Intercontinental Exchange Inc., or ICE, will take its cryptocurrency venture public by merging it with a special-purpose acquisition company, a deal that will further its goal of launching a consumer app for trading and making payments with digital assets.
The venture, called Bakkt, is expected to have a valuation of $2.1 billion after completing the merger with VPC Impact Acquisition Holdings , the companies said on Monday.
The deal brings together two of the hottest plays in today's markets: crypto and SPACs. Bitcoin, the biggest digital currency, last week surged above $40,000 for the first time, and SPACs had their biggest year ever in 2020, raising a record $83 billion in new listings, according to data provider SPACInsider. SPACs, also called blank-check companies, are vehicles that go public to raise cash for mergers and acquisitions.
As part of the deal, Bakkt will raise an additional $532 million from VPC's funds and a concurrent capital raise. That will support development and marketing of the
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