Bakkt Holdings, the digital asset management arm of the Intercontinental Exchange (ICE), announced that it will soon become a publicly traded company on the New York Stock Exchange effective October 18.
The Bakkt symbol’s public listing comes as a result of a merger with VPC Impact Acquisition Holdings, a Chicago-based special purpose acquisition company. According to an official statement, a shareholders meeting on the merger had approximately 85.1% approval for the business combination:
“At closing, the Class A common shares and the guarantors of the combined company are expected to begin trading on the New York Stock Exchange (” NYSE “) under the ticker symbols ‘BKKT’ and ‘BKKT WS’ respectively.” .
Additionally, the business combination resulted in gross revenue of approximately $ 448 million for Bakkt, which is planned to be reinvested in the growth of the company’s capabilities and partnerships.
Last week, the cryptocurrency exchange Bakkt announced a partnership with Google to enable the purchase of goods and services using Bitcoin (BTC) and other cryptocurrencies through the Google Pay platform. According to the CEO of Bakkt, Gavin Michael, the partnership “is a testament to Bakkt’s strong position in the digital asset market, to empower consumers to enjoy their digital assets in real time, safely and reliably.”
In March, Bakkt launched a payments app that allows users to make purchases through cryptocurrencies, before which the exchange offered BTC futures contracts exclusively to accredited investors.
The widespread adoption of cryptocurrencies in the United States sees increased support from lawmakers as a new bill calls for a safe harbor for certain token projects.
A new bill proposed by North Carolina House Representative Patrick McHenry, “Clarity for the Digital Tokens Act of 2021,” suggests the Securities Act of 1933 amendment allowing projects to offer tokens without registering for up to three years.
The bill was based on an earlier initiative by the SEC commissioner, Hester Peirce, in which she highlighted that “safe harbor could be the most innovative development for the US cryptocurrency market to date.”