The cryptocurrency trading platform is reportedly in talks to go public through a merger with blank-check firm VPC Impact Acquisition Holdings.
According to a report from Bloomberg published on 8 January, the transaction is set to value the combined entity at more than $2 billion. An official announcement could be published as soon as next week, the report said.
While the publication cited anonymous sources “with knowledge of the matter,” representatives for Bakkt and VPC declined to comment.
VPC is a special purpose acquisition company affiliated with Victory Park Capital, an alternative investment firm registered with the U.S. Securities and Exchange Commission (SEC). The company raised around $200 million in a September initial public offering.
Bakkt raised $300 million last year and acquired Bridge2 Solutions, a provider of loyalty programs. The exchange is majority-owned by the Intercontinental Exchange, a Fortune 500 company that operates the New York Stock Exchange.
During the last week of 2020, Bakkt’s Bitcoin futures saw $286 million in trading volume.