Bakkt is planning for a public listing through a rumored $2 billion merger.

U.S. crypto exchange Bakkt is planning for a public listing with a merger with blank-check acquisition firm VPC Impact Acquisition Holdings.

US-based cryptocurrency exchange, Bakkt, is planning for a public listing with a merger with blank-check acquisition firm VPC Impact Acquisition Holdings. The two companies are already in advanced talks, reported by Bloomberg. Bakkt is owned by the New York Stock Exchange (NYSE) parent Intercontinental Exchange (ICE). According to anonymous, ‘people with knowledge of the matter,’ the two entities are looking at a valuation of more than $2 billion if the merger deal goes through. 

 

Companies are yet to make an official announcement. 

As of now, none of the companies confirmed the deal. An official announcement is expected by next week. Bakkt is well-known for offering regulated cryptocurrency derivatives in the United States. The U.S. crypto exchange started with Bitcoin-settled futures in late 2019. It has now expanded its product line by adding many other crypto derivatives products, including options. With a valuation of over $1 billion, Bakkt raised over $482 million over the years from investors like Microsoft, Pantera, PayU, and a few others. It closed its last financing round in March last year after raising $300 million.

 

Crypto exchange Coinbase also plans on going public. 

As reported earlier, the U.S. crypto exchange giant Coinbase recently submitted a draft registration with the Securities Exchange Commission (SEC), confirming rumored plans to go public with an IPO that analysts estimate could be worth as much as $28 billion. The crypto exchange announced that it filed a draft registration statement with the SEC, paving the way for an eventual initial public offering plan. The announcement comes as interest in bitcoin and other cryptocurrencies has soared to new highs during the coronavirus pandemic.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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