Bakkt Crypto Platform May Enter the Stock Market by Merging with a Public Company

Cryptocurrency platform Bakkt intends to enter the stock market through a merger with the firm VPC Impact Acquisition Holdings, writes Bloomberg, citing sources. According to them, the negotiations are at an in-depth stage, and an official announcement can be made as early as next week.

It is expected that after the merger, the value of the resulting formation will exceed $2 billion. Last year, Bakkt raised $300 million from its parent company, Intercontinental Exchange, and other investors, and acquired a loyalty program firm, Bridge2 Solutions, to develop its own consumer app. In 2019, Bakkt regulated bitcoin futures were launched.

Meanwhile, former Bakkt CEO Kelly Leffler pulled out of the race for a Senate seat, losing to Democratic rival Raphael Warnock in Georgia. Leffler does not talk about his future plans.

"Unfortunately, we did not have enough votes in the second round of elections. I called Warnock to congratulate him and wish him all the best in his service to this great state," she wrote.

Another cryptocurrency company planning to make its debut on the stock market is the Coinbase exchange, but in its case we are talking about an initial public offering (IPO), not a merger.