Digital asset marketplace Bakkt Holdings, LLC is set to begin trading on the New York Stock Exchange later in the day after it become a publicly listed company through a business combination deal with VPC Impact Acquisition Holdings (VIHAU, VIH, VIHAW), a publicly traded special purpose acquisition company or SPAC.
"We expect our platform will continue to redefine the digital asset marketplace in which it operates, and we are excited for the opportunity to accelerate our innovation, growth and scale as a public company," said Gavin Michael, CEO of Bakkt.
Bakkt is a crypto trading platform created by Intercontinental Exchange (ICE). Bakkt's shares of Class A common stock and warrants will begin trading on the NYSE under the ticker symbols BKKT and BKKT WS, respectively, starting Monday, October 18, 2021.
Upon closing of the SPAC deal today, the business combination has resulted in gross proceeds of approximately $448 million to Bakkt.
The company said these proceeds are expected to be used to finance investments in the Company's platform capabilities and marketing efforts, and accelerating current and future partnerships, which the Company expects will significantly accelerate the growth trajectory of the business.
Bakkt noted that it is focused on building out a broader partner ecosystem, expanding the digital assets and gaining momentum by partnering with leading companies across industries including Choice Hotels, Wyndham Rewards, Google, Finastra, and Starbucks, to name a few.
Alpharetta, Georgia Bakkt was launched by ICE in 2018 as a digital asset marketplace that enables consumers to buy, sell, store and spend digital assets such as Bitcoin and Ethereum. Bakkt's retail platform is now available through the recently-released Bakkt App and to partners through the Bakkt platform.
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