Intercontinental Exchange crypto venture Bakkt nears SPAC deal: report

Digital asset firm Bakkt is looking to tap into the public markets through a SPAC deal, according to a Bloomberg report

Bakkt, a venture by Intercontinental Exchange, is in advanced stage talks to go public through a merger with blank-check firm VPC Impact Acquisition Holdings, according to Bloomberg's sources. The merged firm could have a valuation above $2 billion, according to the report. 

Bakkt is known in the crypto market for its derivatives products, including its futures and options on bitcoin. The firm has been developing a retail app for a wide-range of digital assets, spanning loyalty points and bitcoin. It has raised $300 million from investors including Galaxy Digital, Boston Consulting Group, CMT Digital Ventures, and Pantera Capital. 


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The SPAC is affiliated with Victory Park Capital, as per Bloomberg's report. Founded in 2020, it is led by former Antares Capital co-CEO, John Martin.

SPACs—special purpose acquisition companies—became red-hot in 2020. As per data compiled by Goldman Sachs at the end of last year, SPACs made up more than 52% of the more than $140 billion raised via new listings in the US.

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Frank Chaparro is the Editor At Large at The Block. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. He runs his own podcast The Scoop and writes a biweekly eponymous newsletter. He leads special projects, including The Block's flagship podcast, The Scoop. Prior to The Block, he held roles at Business Insider, NPR, and Nasdaq. For inquiries or tips, email [email protected].