Bitcoin Exchange Bakkt to Become Publicly Traded With $2.1B Valuation Via Merger

Bitcoin exchange Bakkt has inked a business combination deal that will result in the Intercontinental Exchange subsidiary becoming a publicly traded company.

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According to an announcement Monday, the agreement will see Bakkt merge with VPC Impact Acquisition Holdings, a special purpose acquisition company sponsored by Victory Park Capital.
The combined company will be called "Bakkt Holdings" and will be listed on the New York Stock Exchange with an expected valuation of $2.1 billion.
With the announcement, Gavin Michael, former head of technology of Citi’s Global Consumer Bank, is joining Bakkt as CEO effective today.
Bakkt investors' equity will roll into the combined company, with Intercontinental Exchange contributing an additional $50 million, according to the announcement.
A year ago, Bakkt acquired loyalty rewards provider Bridge2 Solutions, with help from Intercontinental Exchange.
The firm is planning a full launch of its Bakkt Cash app this spring, a year or so after Starbucks integrated it as a way for customers to top up their credits with bitcoin.

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