How Crypto Exchange Bakkt Nears Merger With Victory Park SPAC by Bloomberg

Cryptocurrency exchange Bakkt, which is majority-owned by Intercontinental Exchange (ICE), is in advanced talks to go public via a merger with a special purpose acquisition company (SPAC), Bloomberg reported, citing people with knowledge of the matter.

  • The deal, if it’s concluded, would value the combined company at more than $2 billion, the report said. A deal could be announced as soon as next week.
  • The SPAC that would merge with Bakkt, VPC Impact Acquisition Holdings, is affiliated with Victory Park Capital.
  • Officials from each company declined to comment, Bloomberg said.
  • U.S. Sen. Kelly Loeffler, one of the two losers of Georgia’s special runoff election earlier this week, was Bakkt’s founding CEO.

VPC’s common shares rose 51% at 10:22 a.m. Friday in New York while its warrants jumped 290%.

Last year, Bakkt raised $300 million in capital from ICE and other investors, and acquired Bridge2 Solutions, a provider to loyalty programs. The company in 2019 launched a fully-regulated Bitcoin futures and option market.

SOURCE Coin Desk

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