Bakkt Will List Shares on New York Stock Exchange (NYSE)
Bakkt digital asset platform has announced that it becoming public-listed company on NYSE on Monday, October 18th. Bakkt will join the likes of Coinbase as a cryptocurrency-related company having its shares traded on giant stock exchanges.
Bakkt announced its intentions to go public through a merger with VPC Impact Acquisitions Holdings earlier this year.
The two parties 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 announced the news in a press release 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.
Bakkt CEO Gavin Michael commented:
“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.”
The Business Combination resulted in gross proceeds of approximately $448 million to Bakkt. The transaction proceeds are expected to be used to finance investments in the Company’s platform capabilities and marketing efforts, and accelerating current and future partnerships, which the Company expects will significantly accelerate the growth trajectory of the business.
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.
Bakkt earlier announced a partnership with the search giant Google, to introduce digital assets to “millions of consumers”. According to Bakkt the partnership will allow consumers to benefit from the “expanded reach and access” to cryptocurrencies.
