Bakkt, the cryptocurrency buying and selling platform majority-owned by Intercontinental Change, is rumored to be deep in discussions to go public by means of a merger with VPC Affect Acquisition Holdings.
On Jan. 7, Bloomberg revealed a narrative citing nameless sources “with data of the matter” who claimed Bakkt is already in superior talks concerning the merger, predicting that an official announcement on the matter could possibly be revealed as quickly as subsequent week.
The sources estimate the mixed entity could possibly be valued at greater than $2 billion ought to the merger be accomplished.
VPC is a particular function acquisition firm intently affiliated with Victory Park Capital — an SEC-registered various funding agency. VPC chief govt John Martin has described the agency’s core technique as searching for to “determine, companion with and assist develop a enterprise within the fintech sector.”
Bakkt launched in 2019 and is an institutional centered, regulated platform providing “physically-delivered” Bitcoin futures contract. The alternate’s futures drove $286 million in commerce quantity over the previous week.
Bakkt’s founding CEO and outgoing U.S. Senator, Kelly Loeffler, misplaced Georgia’s run-off election on Jan. 6.