ICE to Sell Its Crypto Unit

This morning, Intercontinental Exchange (ICE) said that its Bakkt unit will be going public. Bakkt focuses on digital markets. Initially, it made a big splash by having Bitcoin futures. Now it lets people trade all sorts of digital assets.

Bakkt will go public through a special purpose acquisition company, or SPAC, which involves a shell company raising money to buy another company and take it public. Bakkt will merge with VPC Impact Acquisition Holdings (VIH), which is sponsored by the Chicago investment firm Victory Park Capital. VPC Impact went public in September.

The deal gives Bakkt an enterprise value of $2.1 billion. So far, more than 400,000 people have signed up for Bakkt’s app, which is still invite-only, the company said. It is set for a wider launch in March.

ICE will still maintain a large ownership stake in Bakkt.

Posted by on January 11th, 2021 at 11:57 am


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