Bakkt To Be Listed On The New York Stock Exchange Through SPAC
Bakkt will merge with VPC Impact Acquisition Holdings to form a new company called Bakkt Holdings, Inc. valued of $2.1 billion.
Bakkt started in 2018 as an exchange for bitcoin futures and options at its parent company, Intercontinental Exchange. However, they have announced their intention to launch an app where customers can track all their digital assets from rewards points to bitcoin (More than 400,000 people have pre-registered). Bakkt has partnered with the likes of Chase, JetBlue, American Express, and Chipotle to allow users to make better use of their digital assets (a consumers could use credit card rewards points, loyalty program points, or even bitcoin to buy a cup of coffee via the Bakkt app in the future).
Bakkt's CEO Gavin Michael, the former head of technology for Citigroup Inc.'s global consumer bank, hopes that the app will help people better use these digital assets and references a reports from Accenture that suggests there are over 3.3 billion loyalty memberships that use online points in the US alone and even more people who are unaware that they have these digital assets.
Michael said that Bakkt was accelerating the shift to digital assets and payments and empowering customers to "use their digital assets for everyday spending" (a market the company estimates to be worth over $1.2 trillion).
Bakkt's parent company Intercontinental exchange at time of publishing was at $115.60 per share.