Bakkt IPO – Billion-dollar merger with Victory Park SPAC imminent
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Bitcoin futures exchange Bakkt is reportedly looking to go public. A billion-dollar merger is imminent, according to reports.
Bitcoin futures exchange Bakkt is in „advanced negotiations“ with Victory Park SPAC (special-purpose acquisition company). If the merger succeeds, nothing would stand in the Bitcoin Bank way of a Bakkt IPO. This is also reported by the news agency Bloomberg, citing internal sources who do not wish to be named. Both Bakkt and its majority owner Intercontinental Currency Exchange (ICE) and VPC refused to comment to the news agency. Enquiries from BTC-ECHO have also come to nothing so far.
Should the deal succeed, the merger would be worth more than two billion US dollars, according to the Bloomberg report. As a reminder: Already a few days ago, there was increased talk of an imminent IPO of the crypto exchange Coinbase. BTC-ECHO also reported. On the occasion of the IPO, the crypto analysis company Messari estimates the enterprise value of Coinbase at 28 billion US dollars.
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Even before the Bakkt IPO, the US company has been in the news lately. This was mainly due to the prominent founder and former head of the company: Kelly Loeffler. For she moved into the limelight of the political disputes between Trump supporters and Democrats during the US election campaign in the state of Georgia. Reports accusing Loeffler of insider trading appeared again and again. The role of her husband Jeffrey Sprecher was also critically questioned. This is because Sprecher founded the majority Bakkt owners ICE, still acts as its CEO. Only yesterday, 7 January, Loeffler conceded defeat to her Democratic challenger Raphael Warnock in the senatorial race, most recently also endorsing the election of US President-elect Joe Biden.