Baakt Crypto Exchange Rumored To Merge With Victory Park Capital SPAC
Summary
- Bakkt in talks to go public via the VPC SPAC.
- New entity valued over 2 Billion.
- Bakkt previously raised $482.5 Million.
Shares of Victory Park Capital's Impact Acquisition Holdings (VIH), a SPAC (blank-check company), have soared after news that VPC has been negotiating a merger with the cryptocurrency exchange Bakkt.
This could be the first of many crypto companies to come public in 2021. I actually predicted this on a recent blog post.
According to Bloomberg, The merger between the two companies will value the new entity at more than $2 billion. An announcement is expected as early as next week.
In September, Bakkt launched its first regulated Bitcoin futures exchange. It went on to launch options for Bitcoin futures in October.
The SPAC is affiliated with Victory Park Capital. SPACs are quite hot at the moment as a way to bring companies public.
Galaxy Digital, (OTCPK:BRPHF) a company I often write about here on Average Joe Crypto, was an early investor in Bakkt.
According to April 26, 2019 filings by the company. Galaxy Digital made a 4th quarter investment (Series A) into Bakkt. From the filing - Bakkt Holdings, LLC, a company which is building an open, seamless global network to enable customers and institutions to buy, sell, store and spend digital assets ($5.0 million)
Bakkt is listed as a “Unicorn” on the Crunchbase website. The total A round 182.5 million from 14 different investors. Bakkt has raised a total of $482.5M in funding over 2 rounds. Their latest funding was raised on Mar 16, 2020 from a Series B round.
I am not a professional and this is not advice. Do your own research.
Analyst's Disclosure: I am/we are long VIH, BRPHF.
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