Bakkt announced the completion of the merger with SPAC VPC Impact Acquisition Holdings. On Monday, October 18, its shares will begin trading on the New York Stock Exchange (NYSE) under the ticker BKKT.
“Closing the business combination provides us with the capital we need to continue doing what we do best — innovations. […] We remain focused on creating a broader partner ecosystem, as well as expanding the list of digital assets we offer to clients,” said Gavin Michael, CEO of Bakkt.
On October 14, shareholders of VPC Impact Acquisition Holdings at an extraordinary meeting approved the merger with Bakkt. About 85% of those voting supported the deal.
Gross proceeds from the deal totaled about $448 million. The funds will be used to further develop the platform and marketing efforts. The value of the merged company is estimated at $2.1 billion.
Bakkt announced the merger with SPAC in January 2021. As part of the initiative, the platform appointed Michael, who previously served as Chief Technology Officer of Citibank’s consumer division, to the position of CEO.
The Intercontinental Exchange, the financial group that owns the NYSE, introduced Bakkt in 2018. The platform is designed for trading options, as well as cash-settled and physically delivered Bitcoin futures.
In March 2021, Bakkt launched a mobile app, which allows users to store, buy and sell the first cryptocurrency. The digital wallet is available on iOS and Android platforms.
Earlier in July, the operator of the cryptocurrency exchange Bullish — a subsidiary of Block.One, the company behind the EOS project — announced the merger with SPAC. The value of the merged entity was estimated at about $9 billion.
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