banner
Bakkt soon to go public? The $2 billion deal
Bakkt soon to go public? The $2 billion deal
Blockchain

Bakkt soon to go public? The $2 billion deal

By Eleonora Spagnolo - 8 Jan 2021

Chevron down

Bakkt could soon go public and be quoted thanks to the merger with VPC Impact Acquisition Holdings, which is listed on the Nasdaq. 

This is revealed by Bloomberg although there is no official confirmation from those directly involved. 

VPC Impact Acquisition Holdings is part of Victory Capital Park, a Chicago-based company that invests in emerging businesses in the United States and abroad. Founded in 2007, it has so far participated in 115 investments with $6 billion. 

According to Bloomberg, the announcement of the merger would be imminent and could arrive as early as next week: the talks would be at an advanced stage. 

This is a 2 billion dollar operation

For both, 2020 was a special year. VPC Impact Acquisition Holdings launched its IPO on September 23rd, making $200 million worth of shares available to investors at $10 each.

Bakkt goes public, the journey

After launching Bitcoin futures in September 2019, Bakkt has taken advantage of 2020 to consolidate its position. However, it has lagged far behind the industry’s leading company, CME, despite seeing respectable volumes

In fact, with the price of Bitcoin rising, it has seen its volumes increase with spikes of $118 million. 

Yet, in conjunction with the release of news of a possible merger with VPC Impact Acquisition Holdings, volumes today would appear to have plummeted 89%, stopping at $12 million. 

As announced, Bakkt has also launched its own app that allows users to buy and sell cryptocurrencies, make investments and even get rewards. It will also be launching its own debit card shortly. 

On the flip side, Bakkt’s team members are experiencing very different times. Kelly Loeffler, who founded Bakkt, has since left the company to pursue politics. However, these days she lost her Senate seat in Georgia

Meanwhile, the current CEO Adam White has joined Fortune’s list of the most influential people under 40. 

It remains to be seen how events evolve and the eventual announcement of the merger to understand how the fate of Bakkt will continue. 

Eleonora Spagnolo
Eleonora Spagnolo

Journalist passionate about the web and the digital world. She graduated with honours in Multimedia Publishing at the University La Sapienza in Rome and completed a master's degree in Web and Social Media Marketing.

We use cookies to make sure you can have the best experience on our site. If you continue to use this site we will assume that you are happy with it.