Bakkt, a popular Bitcoin futures platform, may soon hold an IPO.
Bloomberg reported yesterday the cryptocurrency trading platform owned by Intercontinental Exchange is reportedly conducting negotiations with VPC Impact Acquisition Holdings, a special purpose acquisition company affiliated with Victory Park Capital - a SEC-registered alternative investment firm, in order to go public through a merger.
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The news outlet has reported citing anonymous sources that the negotiations between the two companies are quite advanced and the official announcement of the merger that would allow Bakkt to go public could take place already next week.
According to the sources, the entity resulting from the merger of both companies would have a combined value of $2B.
Bakkt was founded in 2019 and is a regulated and institutional platform that offers derivative products, including futures and options on Bitcoin. The company has been developing a retail application for a wide variety of digital assets, including loyalty points and Bitcoin. The firm has raised $300M from investors, including Galaxy Digital, Boston Consulting Group, CMT Digital Ventures and Pantera Capital.