Bitcoin Exchange Bakkt to Become Publicly Traded With $2.1B Valuation Via Merger

The combined company will be called "Bakkt Holdings" and will be listed on the New York Stock Exchange with an expected valuation of $2.1 billion.

AccessTimeIconJan 11, 2021 at 1:54 p.m. UTC
Updated May 9, 2023 at 3:14 a.m. UTC

Bitcoin exchange Bakkt has inked a business combination deal that will result in the Intercontinental Exchange subsidiary becoming a publicly traded company.

  • According to an announcement Monday, the agreement will see Bakkt merge with VPC Impact Acquisition Holdings, a special purpose acquisition company sponsored by Victory Park Capital.
  • The combined company will be called "Bakkt Holdings" and will be listed on the New York Stock Exchange with an expected valuation of $2.1 billion.
  • With the announcement, Gavin Michael, former head of technology of Citi’s Global Consumer Bank, is joining Bakkt as CEO effective today.
  • Bakkt investors' equity will roll into the combined company, with Intercontinental Exchange contributing an additional $50 million, according to the announcement. 
  • A year ago, Bakkt acquired loyalty rewards provider Bridge2 Solutions, with help from Intercontinental Exchange.
  • The firm is planning a full launch of its Bakkt Cash app this spring, a year or so after Starbucks integrated it as a way for customers to top up their credits with bitcoin.
  • Meme Coins Continue to Be the 'Zeitgeist': Expert
    00:36
    Meme Coins Continue to Be the 'Zeitgeist': Expert
  • SEC's Crypto Enforcer Quits; Drake Could Lose $1M in Bitcoin From NHL and NBA Bets
    01:57
    SEC's Crypto Enforcer Quits; Drake Could Lose $1M in Bitcoin From NHL and NBA Bets
  • Meme Coins on TON Rally Despite Overall Market Plunge
    00:54
    Meme Coins on TON Rally Despite Overall Market Plunge
  • Filecoin Foundation President on Decentralizing Data Storage
    11:41
    Filecoin Foundation President on Decentralizing Data Storage
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


    Read more about