Bakkt will trade on the New York Stock Exchange on Monday
Bakkt will trade as a public company on the New York Stock Exchange (NYSE) on Monday (October 18).
Bakkt was founded in 2018 by the Intercontinental Exchange ((ICE – parent company of the NYSE) as a cryptocurrency custodian, the company that securely stores bitcoins in cold stores for large investors.
Bakkt has since grown into a digital asset marketplace and now offers Bitcoin Futures Trading, a mobile app that allows users to spend their bitcoins on everyday goods in stores and use the Visa debit card that Bakkt launched in June Has.
ICE said Bakkt has completed its SPAC merger with VPC Impact Acquisition Holdings and is traded on the NYSE under the ticker “BKKT”.
VPC Impact Acquisition Holdings is a SPAC (Special Purpose Acquisition Company), ie an empty company that was founded by investors with the sole purpose of raising capital through an IPO in order to eventually acquire another company.
Bakkt also announced plans to go public in January, when sources estimated the company at more than $ 2 billion.
Just last week, Bakkt announced a partnership with Google to enable the purchase of goods and services using Bitcoin and other cryptocurrencies through the Google Pay platform.
– Bakkt (@Bakkt) October 8, 2021
“Bakkt works with Google to bring digital assets to millions of consumers.”
As part of the partnership, Bakkt will also use Google Cloud to create new analytics using artificial intelligence (AI), machine learning, and geolocation.
Bakkt has allowed its users to use Bitcoin as their currency since 2019 when it partnered with Starbucks to allow people to buy coffee using the cryptocurrency.
Buying stocks of public crypto companies is often viewed as an indirect investment in Bitcoin, as the value of these companies is often tied to the ups and downs of the crypto market.
But since Monday, traditional investors on the US stock exchange have been able to invest directly in Bitcoin via the Bitcoin Futures ETF from ProShares.
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