On Friday, Bakkt Holdings, a platform for digital assets, announced the completion of its business combination with VPC Impact Acquisition Holdings.
VPC Impact Acquisition Holdings was a firm formed with the aim of acquiring other businesses. Bakkt Holdings is the name of the firm that was formed as a result of the merger.
The consolidation was approved by the shareholders of VPC at a general meeting conducted on October 14. It was approved with around 85% of the votes cast at the meeting.
Debut trading on NYSE
On Friday, Intercontinental Exchange (ICE) also announced the merger. Following that, Bakkt will begin trading as a public corporation on the New York Stock Exchange on Monday, October 18. It will trade under the ticker symbol “BKKT.”
ICE, which is best known as the operator of NYSE, debuted the digital asset marketplace in 2018. It retains a roughly 67% stake in the merged entity. Additionally, a minority voting interest exists.
Bakkt earlier declared its intention to go public in January via a combination with VPC. Bakkt Chief Executive Officer Gavin Michael expressed his enthusiasm for the transaction.
“Today is a momentous occasion for Bakkt. The completion of the business combination provides us with the capital we require to continue doing what we do best, which is innovate,” Michael said.
Innovation in digital assets
Additionally, he stressed that the company will continue to innovate in the digital asset field with the help of its increasing network of partners.
The consolidation resulted in a gain of about $448 million for the digital asset marketplace.
This year has seen a lot of coverage for the digital asset company. It debuted its digital wallet in March, which enables users to make purchases using cryptocurrencies such as Bitcoin.
A few weeks later, Bakkt added Starbucks as a merchant partner. It enabled Starbucks users to reload their Starbucks Cards via the Starbucks app using the crypto in their Bakkt wallets.
By making cryptocurrency payments more accessible, the company is encouraging cryptocurrency acceptance.
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