Bakkt to Make its Public Debut on the NYSE Today After its Successful SPAC Merger

Georgia-based digital assets trading platform, Bakkt is billed to make its public market debut on the New York Stock Exchange (NYSE) today, after its successful business combination with VPC Impact Acquisition Holdings, a special purpose acquisition company. The public debut of the exchange marks a historic milestone for the company that was founded back in 2018.

The merger saw a total of $448 million paid out as gross proceeds to Bakkt, a fund that the company said will be deployed to “finance investments in the Company’s platform capabilities and marketing efforts.” In addition, Bakkt also pointed out that it will accelerate partnerships across the board so as to increase its integration in the digital currency ecosystem.

“Today marks a special day for Bakkt. Closing the business combination provides us with the necessary capital to continue to do what we do best, which is innovate,” said Gavin Michael, Chief Executive Officer of Bakkt. “We are thrilled to enter this next chapter, and we look forward to propelling our growth initiatives and advancing our mission of connecting the digital economy. We expect our platform will continue to redefine the digital asset marketplace in which it operates, and we are excited for the opportunity to accelerate our innovation, growth, and scale as a public company.” 

Over the course of the coming months, Gavin noted the firm will expand its partnership base to go beyond Choice Hotels, Wyndham Rewards, Google, and Starbucks amongst others it currently has a relationship with. The company’s stock will trade under the ticker symbol ‘BKKT’.

Bakkt Public Debut: A Walk in Coinbase’s Path?

Not many cryptocurrency trading platforms have gone public, and the prominent listing to date is that of Coinbase Global Inc. The Brian Armstrong-led firm went public back in April via direct listing, commission-free trading brokerage, Robinhood Markets Inc, also debuted on the NASDAQ, but through the normal Initial Public Offering (IPO) route.

While Bakkt is trailing the footsteps of outfits like Coinbase in becoming a publicly traded firm, its approach is a complete opposite when compared with other’s approaches. SPAC mergers are becoming increasingly popular today, and it offers the easiest and faster approach to going public than either the direct listing or the IPO channels.

Besides Bakkt, TheCoinRise also reported earlier that Polestar, a Swedish automotive brand established in 1996 by Volvo Cars was also exploring the SPAC option as it looks to make its stock market debut. This re-affirms the legitimacy of SPAC deals, and how it is being leveraged by a diverse market, and not just by crypto-based firms.