(Bloomberg) -- Bakkt, the cryptocurrency platform majority owned by Intercontinental Exchange Inc., is in advanced talks to go public through a merger with blank-check firm VPC Impact Acquisition Holdings, according to people with knowledge of the matter.
The transaction is set to value the combined entity at more than $2 billion, and an announcement may come as soon as next week, said the people.
Representatives for Bakkt, ICE and VPC declined to comment.
Last year, Bakkt raised $300 million in capital from ICE and other investors, and acquired Bridge2 Solutions, a provider to loyalty programs. The company in 2019 launched a fully-regulated Bitcoin futures and option market.
Bakkt is led by interim Chief Executive Officer David Clifton, ICE’s vice president of M&A and integration. Outgoing U.S. Senator Kelly Loeffler was its founding CEO. Her successor, Mike Blandina, left for JPMorgan Chase & Co. last April.
VPC, a special purpose acquisition company affiliated with Victory Park Capital, raised about $200 million in a September initial public offering. The vehicle, led by Chairman and CEO John Martin, has said its value-creation strategy is to “identify, partner with and help grow a business in the fintech sector.”
For more articles like this, please visit us at bloomberg.com
Subscribe now to stay ahead with the most trusted business news source.
©2021 Bloomberg L.P.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.