Crypto firm Bakkt goes public, set to trade on NYSE today
|- Bakkt partnered with Starbucks to power crypto purchases in 2019 and announced plans to go public in January 2021.
- The crypto payments firm announced its partnership with Google Pay last week, enabling crypto transactions for over a million users.
- Experts consider buying a Class A common stock in Bakkt Holdings an indirect investment in Bitcoin.
Bakkt completed its merger with VPC Impact Acquisition Holdings, according to an announcement from Intercontinental Exchange (ICE). Bakkt is set to trade on the New York Stock Exchange (NYSE) as a public company under the ticker “BKKT.”
Bakkt goes public after VPC Impact Acquisition merger
Cryptocurrency custodian and exchange platform Bakkt successfully merged with the global investment firm ahead of its public debut on the NYSE. Bakkt was valued at $2.1 billion in the merger, and ICE has a 68% economic interest in the merged company.
Bakkt started as a cryptocurrency custodian and became a crypto payments platform, launching its Visa debit card in June 2021. Bakkt first revealed plans of going public in January 2021.
The crypto firm has made cryptocurrency payments accessible to users through its partnership with Starbucks in 2019 and Google Pay in 2021.
Bakkt’s partnership with Google Pay extends digital asset accessibility to millions of new customers, extending the reach and usability of digital assets to meet rapidly evolving consumer demand and preferences.
John Martin, CEO of VPC Impact Acquisition Holdings, said:
We believe that Bakkt has a compelling value proposition and, combined with its best-in-class management team, Bakkt is well-positioned to create significant long-term shareholder value.
Bakkt recently partnered with Finastra, one of the largest fintech companies in the world. The partnership brings Bakkt’s crypto marketplace to Finastra’s wallet and money transfer customers.
Experts consider buying Class A common stock in Bakkt Holdings the same as making an indirect investment in Bitcoin. The volatility in cryptocurrency prices will likely influence the fluctuations in Bakkt’s share price.
Bakkt plans to add analytics, artificial intelligence and machine learning to leverage Google Cloud’s industry-leading tools. The insights uncovered by Bakkt would expand the user base of tech giant Google and offer vast insight into customer behavior patterns.
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