Bakkt, an institutional Bitcoin derivatives trading platform, will go public through a reverse merger. The deal is nearing completion, Bloomberg writes.
Sources of the publication claim that Bakkt will take over VPC Impact Acquisition Holdings. This is a so-called SPAC company – it is public, but does not operate. SPAC’s goal is to help others get listed.
The popularity of SPAC has skyrocketed in 2020. According to Goldman Sachs, reverse mergers with such firms accounted for 52% of the total $ 140 billion raised in the IPO.
Bakkt trades Bitcoin options and deliverable and settlement futures. The platform is part of the Intercontinental Exchange Financial Corporation (ICE), the parent company of the New York Stock Exchange.
The launch of Bakkt was announced back in August 2018. By the end of the year, it had raised $ 182.5 million from Boston Consulting Group, Galaxy Digital, Protocol Ventures and others. After this round of funding, it was estimated at $ 740 million.
In 2020, it raised another $ 300 million from Microsoft M12, PayU, Goldfinch Partners, CMT Digital and Pantera Capital.
The launch took place in September 2019.
Initially, the platform was headed by Kelly Loeffler, but then she was appointed to the post of Senator from Georgia. She lost the recent elections to a representative of the Democratic Party.
Serving our great state has been the honor of my lifetime.
Thank you, Georgia! pic.twitter.com/MQc0rFS208
— Kelly Loeffler (@KLoeffler) January 7, 2021
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