It’s Official: Bitcoin Futures Platform Bakkt Going Public at $2.1 Billion Valuation

The Bitcoin futures platform launched in 2018 by Intercontinental Exchange (ICE) has entered into a “definitive agreement” for business cooperation that will lead to becoming a publicly-traded company with an enterprise value of over $2 billion. The company has also appointed a new CEO.

• Reports emerged last week suggesting that Bakkt was negotiating a strategic merger with VPC Impact Acquisitions Holdings to go public. Either company failed to deny or confirm the rumors until earlier today.
• Bakkt issued a press release announcing that VPC and a “marquee group of investors and strategic partners” have signed an agreement to take the Bitcoin futures trading platform public. 
• Following the merger, the combined company will be renamed “Bakkt Holdings, Inc.” and will be listed on the New York Stock Exchange. The estimated enterprise value is approximately $2.1 billion.
• Additionally, the statement informed that Bakkt had appointed a new Chief Executive Officer – Gavin Michael. He used to serve as Head of Technology at Citi’s Global Consumer Bank and headed the digital team for Chase. Michael will replace the interim CEO David Clifton, who will join the combined company’s Board of Directors at the closing of the business combination.

• “The average consumer holds a wealth of digital assets but rarely tracks their value and lacks the tools to manage and utilize them.” – commented Michael. He added that Bakkt will aim to “bring trust and transparency to digital assets through innovation and technology” and ultimately “unlock trillions of dollars currently held in customer and loyalty accounts and allow consumers to put them to work.”