Crypto exchange Bakkt to go public via $2.1-bln

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Date: 10.02.2021

Intercontinental Exchange Inc -owned Bakkt said on Monday it has agreed to go public through a merger with blank-check firm VPC Impact Acquisition Holdings, giving the cryptocurrency platform an enterprise value of $2.1 billion.

The deal is expected to provide Bakkt, founded by outgoing Georgia Senator Kelly Loeffler and backed by Microsoft and Boston Consulting Group, with $207 million in cash and $325 million from other investors, including $50 million from ICE.

The rush to go public comes as the demand for Bitcoin and other digital tokens from retail investors rise as they look for quick gains in a world of ultra-low yields and negative interest rates.

After scaling a record high of $40,000 against the dollar on Jan.7, Bitcoin, the world's most popular digital currency, hit a one-week low to $33,447 on Monday, indicating wild price swings in cryptocurrency exchanges. 

Stock market debuts by such trading platforms are also likely to give more acceptability to digital assets among skeptics and regulators.

Source: Reuters

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