SPAC Surges 64% On Report Of Merger Talks With ICE-Owned Crypto Exchange Bakkt

Benzinga

2021-01-08

Shares of VPC Impact Acquisition Holdings (NASDAQ: VIH), a blank-check company, soared over 64% in the after-hours session on Thursday after news emerged that it was negotiating a merger with Intercontinental Exchange Inc (NYSE: ICE)-owned cryptocurrency exchange Bakkt.

What Happened: The merger between the two companies will value the emergent entity at more than $2 billion. An announcement is expected as early as next week, people familiar with the matter told Bloomberg.

In September, Bakkt launched its first regulated Bitcoin futures exchange. It went on to launch a fully regulated options contract for Bitcoin futures in October.

Why It Matters: Bakkt raised $300 million last year from ICE as well as other investors and acquired Bridge2Solutions, a company that provides loyalty solutions, noted Bloomberg.

The cryptocurrency exchange is led by interim CEO David Clifton, who was formerly ICE’s vice president of mergers and acquisitions and integration.

Outgoing Senator Kelly Loeffler (R-Ga) was the exchange’s first-ever CEO.

See Also: What A Democratic Victory In Georgia's Runoff Election Means For The Stock Market

VPC is linked with Victory Park Capital and raised $200 million in its initial public offering in September. The company is led by CEO Josh Martin.

Price Action: VPC shares traded 64.36% at $17.11 in the after-hours session on Thursday after closing 2.36% higher at $10.41 in the regular session. On the same day, Intercontinental Exchange shares traded mostly unchanged at $115.81.

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© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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The company is led by CEO Josh Martin.</p>\n<p><strong>Price Action:</strong> VPC shares traded 64.36% at $17.11 in the after-hours session on Thursday after closing 2.36% higher at $10.41 in the regular session. On the same day, Intercontinental Exchange shares traded mostly unchanged at $115.81. </p>\n<p><strong>See more from Benzinga</strong></p>\n<ul>\n<li>Click here for options trades from Benzinga</li>\n<li>China Silences Domestic Media On Alibaba Probe: FT</li>\n<li>Apple Negotiates Tie-Up On Self-Driving EVs With Hyundai</li>\n</ul>\n\n<p><i>© 2021 Benzinga.com. Benzinga does not provide investment advice. 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An announcement is expected as early as next week, people familiar with the matter told Bloomberg.\nIn September, Bakkt launched its first regulated Bitcoin futures exchange. It went on to launch a fully regulated options contract for Bitcoin futures in October. \nWhy It Matters: Bakkt raised $300 million last year from ICE as well as other investors and acquired Bridge2Solutions, a company that provides loyalty solutions, noted Bloomberg.\nThe cryptocurrency exchange is led by interim CEO David Clifton, who was formerly ICE’s vice president of mergers and acquisitions and integration. \nOutgoing Senator Kelly Loeffler (R-Ga) was the exchange’s first-ever CEO. \nSee Also: What A Democratic Victory In Georgia's Runoff Election Means For The Stock Market\nVPC is linked with Victory Park Capital and raised $200 million in its initial public offering in September. 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