Bakkt going public through a SPAC: Intercontinental Exchange and Bakkt CEOs

Intercontinental Exchange--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.

Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.


Connect with CNBC News Online

#CNBC
#CNBCTV

[bigj]

How are there only 8 comments here? This is actually pretty big news

[joshuarivera]

I hope everyone else finds out about this AFTER I buy in low.
Then I hope it goes public ASAP. :)

[jasoncrelopia]

Wrapping a flag on the building does not help, insider selling definitely does not help

[jinskyjoyous]

I am here to learn about bakkt... Why are they all the sudden talking about international politics crap...

[wayway]

Don’t get it. Just focus on the trade not the spending… Do what an exchange is supposed to do: trading not spending LoL

[mrleebaines]

They talk to much rubbish, get to the point