Bitcoin Alternate Bakkt to Change into Publicly Traded With $2.1B Valuation Through Merger
Bitcoin substitute Bakkt has inked a alternate combination deal that will consequence in the Intercontinental Alternate subsidiary changing into a publicly traded company.
- Per an announcement Monday, the settlement will glance Bakkt merge with VPC Impact Acquisition Holdings, a undeniable aim acquisition company backed by Victory Park Capital.
- The blended company will be known as “Bakkt Holdings” and must restful be listed on the Recent York Inventory Alternate with an anticipated valuation of $2.1 billion.
- With the announcement, Gavin Michael, ancient head of skills of Citi’s International User Bank, is joining Bakkt as CEO efficient nowadays.
- Bakkt investors’ equity will roll into the blended company, with Intercontinental Alternate contributing a extra $50 million, in step with the announcement.
- A one year previously, Bakkt received loyalty rewards supplier Bridge2 Solutions, with relieve from Intercontinental Alternate.
- The company is planning a paunchy open of its Bakkt Cash app this spring, a one year or so after Starbucks constructed-in it as a formulation for clients to high up their credits with bitcoin.