Bakkt listed on the stock exchange? The $2 billion deal
Bakkt could soon be listed on the stock exchange thanks to its merger with VPC Impact Acquisition Holdings, which is listed on the Nasdaq.
That’s what Bloomberg reveals, although there is no official confirmation from those involved.
VPC Impact Acquisition Holdings is part of Chicago-based Victory Capital Park, which invests in emerging businesses by Bitcoin Machine in the US and abroad. Founded in 2007, it has so far participated in 115 investments with $6 billion.
According to Bloomberg, the announcement of the merger is imminent and could come as early as next week: talks are at an advanced stage.
It is a $2 billion transaction.
For both companies, 2020 was a special year. VPC Impact Acquisition Holdings launched its IPO on 23 September, offering investors $200m worth of shares at $10 each.
Bakkt, the path before the stock market launch
Bakkt, on the other hand, after launching Bitcoin futures in September 2019, used 2020 to consolidate its position. It has, however, lagged far behind the industry’s leading company, CME, although volumes are respectable.
Indeed, with the rise in Bitcoin’s price, it has seen its volumes increase to a peak of $118 million.
However, as news of a possible merger with VPC Impact Acquisition Holdings spread, volumes today appear to have plummeted 89% to $12 million.
📉 Volume: 319 ($12.47 million, -89%)
🚀 All time high: 18718 (9/17/2020)
🎯 Target: ▓▓▓▓▓▓░░░░ 55.9% raised of 1,623,657 sats for server costs
🙏 Donate: https://t.co/TF6sNUwWpO pic.twitter.com/OERNtFDqLl
– Bakkt Volume Bot (@BakktBot) January 8, 2021
As announced, Bakkt has also launched its own app that allows you to buy and sell cryptocurrencies, make investments and even get rewards. It will also soon launch its own debit card.
Bakkt’s team members, on the other hand, are going through very different times. Kelly Loeffler, who founded Bakkt, has since left the company for politics. These days, however, she lost her Senate seat in Georgia.
Adam White, the current CEO, on the other hand, has joined Fortune’s list of the most influential people under 40.
All that remains is to await the evolution of events and the eventual announcement of the merger to understand how Bakkt’s destiny will continue.