Intercontinental Exchange, the owner of the New York Stock Exchange and the Bakkt Institutional Cryptocurrency Exchange, has announced an agreement that will list its cryptocurrency arm on the stock market.
According to the Wall Street Journal, Bakkt intends to merge with VPC Impact Acquisition Holdings, and trade under the VIH index. VPC is what is called a Special Purpose Company or SPAC. It is a shell company whose sole purpose is to buy or merge with another company and list it in the stock market without going through the long and costly start of listing or listing.
Bakkt is expected to be worth $ 2.1 billion after the merger is completed. The exchange will also raise an additional $ 532 million to support the development of the Bakk app, a retail-focused portfolio and rewards app.
Rumors of the acquisition surfaced earlier in January, according to Cointelegraph. Bakkt increased sales this year and deployed several items in a row. However, it has a much smaller presence in the cryptocurrency market than its rival CME.