Crypto is going public: Timing is key as Bakkt secures NYSE listing
Cointelegraph
Published Jan 15, 2021 09:52AM ET
Updated Jan 17, 2021 09:20AM ET
Digital assets marketplace Bakkt is set to go public on the New York Stock Exchange in 2021, which could pave the way for more cryptocurrency service providers to follow suit. The Intercontinental Exchange (NYSE:ICE) announced on Jan. 11 that its cryptocurrency marketplace Bakkt would soon be listed on the NYSE public stock market. This will be done through a merger with a special purpose acquisition company VPC Impact Acquisition Holdings.
The shell company will be used to merge with Bakkt in order for it to be listed on the stock market without having to undertake an initial public offering. Initial reports suggest that Bakkt will be valued at over $2 billion after the merger, and the exchange intends to raise a further $532 million to bankroll the ongoing development of its application, a wallet and rewards app targeting retail users, which is expected to be launched in March.
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Written By: Cointelegraph
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