Atlanta cryptocurrency exchange Bakkt to go public in SPAC merger
Bakkt, a cryptocurrency exchange and liquidity provider created by Atlanta’s Intercontinental Exchange (NYSE: ICE), will go public through a deal with a “blank check” company, according to a Monday announcement.
Bakkt and VPC Impact Acquisition Holdings (NASDAQ: VIH), a special purpose acquisition company, or SPAC, sponsored by Victory Park Capital, will merge to form Bakkt Holdings, Inc.
The deal values the combined company at $2.1 billion, according to the announcement.
Bakkt, an Atlanta-based company founded in 2018 by ICE, which also owns the New York Stock Exchange, allows people to trade, transfer and pay with cryptocurrency with a mission to “bring trust and transparency to digital assets,” according to its website.
The deal, which is set to close in the second quarter of this year, is expected to result in $500 million in cash for the combined company’s balance sheet, $207 million contributed by the VPC Impact Acquisition Holdings trust account.
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