Via this prospective merger deal, the Intercontinental Exchange (ICE)-backed Bakkt platform has joined the narrow list of blockchain and crypto-related firms eyeing a public listing.
Bakkt, the cryptocurrency platform majority-owned by Intercontinental Exchange Inc (NYSE: ICE), is on the verge of completing a merger with Victory Park Special Purpose Acquisition Company (SPAC) according to a Bloomberg report citing sources familiar with the negotiations.
The merger if successful will help push Bakkt to go public with the combined valuation estimated to be about $2 billion and, according to Bloomberg, an announcement of the merger may be made public as early as next week.
SPACs which are also known as blank-check companies continue to make waves as a better alternative to going public and the path to public listing has been received much acclaim in 2020. Despite the publicity that this potential merger between Bakkt and Victory Park SPAC has drawn, neither the representatives from Bakkt, ICE, nor those from Victory Park SPAC had confirmed the ongoing talks.
Bakkt reportedly raised $300 million in funds led by ICE and has been operating a regulated Bitcoin futures and options market since 2019. On the other hand, Victory Park SPAC with a strong affiliation to Victory Park Capital raised $200 million in a September Initial Public Offering with the Chairman and CEO John Martin confirming the readiness of the new entity to “identify, partner with and help grow a business in the fintech sector.”
ICE and Bakkt Join a Narrow List of Prospective Blockchain Firms Eyeing Public Listing
Via this prospective merger deal, the Intercontinental Exchange (ICE)-backed Bakkt platform has joined the narrow list of blockchain and crypto-based firms eyeing a public listing. Coinspeaker reported back in December that Coinbase, one of the biggest cryptocurrency exchanges in the United States filed for Initial Public Offerings with the Securities and Exchange Commission (SEC).
While firms like Riot Blockchain Inc (NASDAQ: RIOT) remain one of the most acclaimed publicly listed blockchain firms, other firms including Ripple Labs Inc have been consistently linked with plans to go public.
next