Bakkt Goes Public: to Be Listed on New York Stock Exchange
ICE’s Bakkt Holdings will be the next cryptocurrency-related company to go public on Monday – October 18th.
Several months after initially outlining plans to become a publicly-traded firm, Bakkt has announced that the event will take place on Monday – October 18th. Thus, Bakkt will join the likes of Coinbase as a cryptocurrency-related company having its shares traded on giant stock exchanges.
- Bakkt’s intentions to go public through a merger with VPC Impact Acquisitions Holdings.
- The two parties indeed merged shortly after clearing the way for ICE’s Bitcoin futures platform to have its shares traded on a US exchange with an estimated enterprise valuation of $2.1 billion.
- The company published a press release earlier this week confirming that it has completed all negotiations.
- Bakkt’s shares of Class A common stock and warrants will begin trading on the New York Stock Exchange on Monday, October 18th, 2021, under the ticker symbols BKKT and BKKT WS.
- “Today marks a special day for Bakkt. Closing the business combination provides us with the necessary capital to continue to do what we do best, which is to innovate. We are thrilled to enter the next chapter, and we look forward to propelling our growth initiatives and advancing our mission of connecting the digital economy.” – commented the CEO Gavin Michael.
- According to the publication, Bakkt has earned gross proceeds of roughly $450 million through the business merger. The company plans to utilize the funds to finance investments in “the platform’s capabilities and marketing efforts, and accelerating current and future partnerships.”
- Thus Bakkt will join Coinbase, which became the first giant crypto company to go public. As reported in April this year, COIN started trading on Nasdaq and the company’s valuation at the time exceeded $100 billion.