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• Bakkt goes public
• IPO by SPAC
• Trendweg saves time
There has been speculation for some time, now it’s official: Bakkt, the platform for Bitcoin futures contracts, is taking the plunge on the trading floor.
On the stock exchange via SPAC
To do this, Bakkt took an uncomplicated and time-saving path: Instead of initiating a traditional IPO, which in certain circumstances can entail a lengthy approval process with supervisory authorities and in which the IPO-willing company searches for potential buyers for its shares Bakkt took advantage of the takeover of a SPAC.
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Specifically, Bakkt has merged with VPC Impact Acquisition Holdings, and the deal is expected to be finalized in the second quarter. Bakkt will then be known as “Bakkt Holdings, Inc.” tradable on the stock market, as announced by the Intercontinental Exchange, the NYSE parent company. Accordingly, the company should be valued at 2.1 billion US dollars after the merger, it said on the part of the stock exchange operator.
As part of the transaction, Bakkt’s existing shareholders and management will contribute 100 percent of their shares to the combined company. Assuming that no shareholders of VPC Impact Acquisition Holdings exercise their redemption rights, the shareholder structure will be as follows: The current Bakkt shareholders, including the Intercontinental Exchange, hold approximately 78 percent of the shares, the public shareholders of VPC Impact Acquisition Holdings approximately 8 percent, VPC 2 percent, and PIPE investors own approximately 12 percent of the issued and outstanding common stock of the combined company.
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IPO under time pressure
Why Bakkt chose the path that recently became the trend in the USA via a SPAC on the stock exchange, is likely to be related in particular to the company’s main business area. Because the demand for crypto assets is currently high – particularly from the private investor sector. Bitcoin, the oldest cryptocurrency, has seen a rally in the past few months that drove the value of a digital coin to over $ 41,000. Given the low interest rate environment and low yields, investors are looking for investment alternatives with the potential to increase earnings.
Finanzen.net editorial team
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