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Monday, December 6, 2021

Bakkt Will Be Trading Publicly On The NYSE

Bakkt Holdings, which has gained popularity as the digital assets management arm of Intercontinental Exchange, will soon be a publicly-traded company. The announcement came a few days back, and operations would resume from the 18th of October on the New York Stock Exchange.

The public listing for this digital asset comes as a result of a merger that took place between Intercontinental Exchange and the VPC Impact Acquisition Holdings- which is a special purpose acquisition company based in Chicago. According to the statement made through official channels, a meeting between the shareholders regarding the merger did see an approval rating of 85.1% for the business combination. 

Bakkt Will Soon Trade At The NYSE

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Also, the business partnership did end up resulting in gross proceeds of around $448 million to Bakkt- which it would look towards reinvesting in increasing the partnerships and capabilities of the company. The previous week saw the digital asset announcing its partnership with Google which would allow it to purchase services and goods through BTC and a few other cryptocurrencies through the platform of Google Pay.

According to Gavin Michael, the CEO of the asset, the partnership is definitely a testament to the strong position this asset has in the digital marketplace. 

In the month of March, Bakkt had brought out a payments app that would allow its users to start making purchases through the option of cryptocurrencies, before which the exchange only offered BTC futures contracts. 

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Bakkt’s success does point towards the increased support crypto adoption is receiving from lawmakers as a new bill looks for a relatively safe harbor for a few token projects. 

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