Intercontinental Exchange’s digital asset marketplace Bakkt to go public via SPAC

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Intercontinental Exchange's Bakkt is set to go public via merger with SPAC VPC Impact Acquisition Holdings. In a CNBC interview, CEO Gavin Michael said that the company hopes to empower customers to "use their digital assets for everyday spending." Bakkt Holdings, Inc. will have an enterprise value of over $2 billion and expects to launch its flagship app in March. The company has partnered with the likes of Chase, JetBlue, American Express, and Chipotle. Visit Business Insider's homepage for more stories. Intercontinental Exchange, Inc. and VPC Impact Acquisition Holdings—a SPAC sponsored by Victory Park Capital—announced on Monday that they have entered into a definitive merger agreement that will list the digital asset marketplace Baakt on the New York Stock Exchange. Unlike initial public offerings, SPACs use mergers with 'blank-check' companies to bring a new public offering to market. In this case, Bakkt will merge with VPC Impact Acquisition Holdings to form a new company called Baakt Holdings, Inc., which is set to have an enterprise value of $2.1 billion. Bakkt got its start launching bitcoin futures and options at its parent company, Intercontinental Exchange, back in 2018.

Now, the firm is set to launch an app where customers can track all their digital assets in more...