Intercontinental Exchange, which owns the New York Stock Exchange and the Bakkt institutional cryptocurrency exchange, announced an agreement to list their crypto arm in the stock markets.
According to the Wall Street Journal, Bakkt will merge with VPC Impact Acquisition Holdings and trade under the HIV ticker. VPC is one of the so-called Special Purpose Acquisition Companies or SPACs. It is a Shell company whose sole purpose is to buy or merge with another company and allow it to be listed without going through a lengthy and expensive process of going public or public offering.
Bakkt is expected to be valued at $ 2.1 billion upon completion of the merger. The exchange will raise an additional $ 532 million to help develop the Bakkt app, a retail wallet and rewards app.
In early January there were rumors of the takeover, as reported by Cointelegraph. Bakkt saw a surge in volume that year and set multiple records in a row. However, it is much less present in the cryptocurrency market than its rival CME.
The story is still unfolding.