The bitcoin future platform is possibly going to the trade fair. There is a $2 billion merger in the air and as a result Bakkt might become publicly tradable.
The trading platform is largely owned by Intercontinental Exchange. The rumours about an IPO of Bakkt originate from the possible merger with VPC Impact Acquisition Holdings.
The origin of the rumour
Yesterday, in a publication quoting anonymous sources, Bloomberg claimed that Bakkt is already at an advanced stage of negotiation. The article predicts that the merger can be announced as early as next week.
The sources estimate the value of Bakkt after the merger with the entity in question at around $2 billion.
VPC Impact is a company that has a short line with Victory Park Capital, an SEC registered investment firm. Chief executive John Martin describes VPC’s strategy as looking for partners to help the business grow in the fintech sector.
Now it has identified Bakkt as a company that fits within that strategy.
Shortly after launch Bakkt goes public
Bakkt launched in 2019 and focuses on institutional investors. Before the company launched, expectations in bitcoinland were high.
Initially, the trading volume on the platform was disappointing and the bitcoin surge expected by some remained. Nowadays the volume on Bakkt is extremely high.
Last week the trading platform recorded a volume of $286 billion. A funny fact is that the CEO of Bakkt is Senator Kelly Loeffler. He lost the Georgia elections earlier this week. Which once again shows that bitcoin is also nestling in ever-higher political circles.
With the current price explosion and all the developments in the industry, the risk of bitcoin ever disappearing seems to be getting smaller. More and more people understand that bitcoin is not an enemy, but a friend of our future prosperity.