The digital asset firm Bakkt Holdings has completed its business combination with VPC Impact Acquisition Holdings, a special purpose acquisition company (SPAC), and the combined entity is set to begin trading on the New York Stock Exchange (NYSE) on Monday, October 18, under the ticker symbol “BKKT.” The announcement was made jointly by Intercontinental Exchange (ICE) and VPC on Friday, marking a significant milestone for Bakkt’s journey from a private startup to a publicly listed company.
Merger Details and Shareholder Approval
According to the press release, shareholders of VPC Impact Acquisition Holdings voted at an extraordinary general meeting held on October 14, 2021, to approve the previously announced business combination with Bakkt Holdings, LLC. Approximately 85.1% of the votes cast were in favor of the merger. Bakkt, founded in 2018 and initially incubated by ICE, provides a regulated platform for institutional investors to trade, custody, and settle digital assets. The detailed voting results will be included in a current report on Form 8-K to be filed by VIH with the U.S. Securities and Exchange Commission (SEC).
Strategic Partnership with Google
Bakkt’s listing announcement follows a recent partnership with tech giant Google. The collaboration aims to introduce digital assets to millions of consumers by leveraging Google’s cloud infrastructure and payment ecosystem to simplify access to cryptocurrencies. Bakkt CEO Gavin Michael stated, “This partnership with Google will help us provide a secure and convenient digital asset experience for millions of consumers worldwide.” The move is seen as a strategic effort to broaden Bakkt’s user base and enhance brand recognition in the mainstream market.
A Wave of Crypto Listings and Market Optimism
Bakkt is not the first crypto-native firm to go public this year. Mining hardware manufacturer Canaan completed its initial public offering earlier, and popular crypto exchange Coinbase went public via a direct listing on Nasdaq in April. Meanwhile, the crypto community widely anticipates that the first Bitcoin exchange-traded fund (ETF) could begin trading on Monday as well. If approved, it would further accelerate institutional adoption of digital assets.
The public listing of Bakkt not only provides the company with access to capital markets for expansion but also sends a powerful signal to traditional finance: digital assets are moving from the periphery to the mainstream. With a strong backing from ICE and a focus on institutional-grade services, Bakkt is well-positioned to play a pivotal role in the evolving digital asset ecosystem.
What do you think about Bakkt’s listing and its partnership with Google? Let us know in the comments below.