Bakkt is going public on the New York Stock Exchange via a SPAC

Cryptocurrency • January 11, 2021, 8:51AM EST
UPDATED: May 27, 2021, 11:56AM EDT
The Block

Crypto firm Bakkt announced Monday that it is going public on the New York Stock Exchange (NYSE) via a SPAC deal, confirming Bloomberg's report from last week.

Bakkt is merging with VPC Impact Acquisition Holdings at a valuation of about $2.1 billion. VPC, backed by investment firm Victory Park Capital, held its initial public offering in September 2020.

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In tandem with the announcement, Bakkt said that it has appointed Gavin Michael, a former Citi executive, as its new CEO. Michael replaces former Bakkt interim CEO David Clifton, who will join the combined company’s board of directors.

Bakkt further announced the targeted launch of its retail app, Bakkt Cash, in March of this year. The firm said over 400,000 consumers have signed up for early access to the app.

According to a Wall Street Journal report, Bakkt plans to raise an additional $532 million as part of the deal to develop and market the app. To date, the firm has raised a total of $482.5 million, according to Crunchbase. 

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.