Bakkt Holdings, has said that it will soon become a publicly traded firm. The digital assets management arm of Intercontinental Exchange (ICE) will list on the New York Stock Exchange (NYSE) from October 18.
From Monday, Bakkt’s common stock and warrants will get listed on NYSE under the ticker symbol “BKKT” and “BKKT WS” respectively.
This public listing for Bakkt ticker comes after a merger with VPC Impact Acquisition Holdings. VPC is a Chicago-based special purpose acquisition company (SPAC). Based on an official statement, a shareholders meeting about the merger saw nearly 85.1% approval for the business combination:
“Upon closing, the combined company’s Class A common stock; and warrants are expected to begin trading on the New York Stock Exchange (“NYSE”) under the ticker symbols “BKKT” and “BKKT WS” respectively”
Furthermore, the business combination resulted in gross proceeds of nearly $448 million to Bakkt. The money will get reinvested in growing the firm’s capabilities and partnerships.Buy Bitcoin Now
Bakkt Introduces New Partnerships
In the past week, the Bakkt cryptocurrency exchange introduced its partnership with Google. Through the partnership, Bakkt supports the purchase of services and goods using Bitcoin (BTC) and other cryptos. All transactions take place on the Google Pay platform.
Based on Bakkt CEO Gavin Michael, this partnership:
“is a testament to Bakkt’s strong position in the digital asset marketplace; to empower consumers to enjoy their digital assets in a real-time, secure, reliable manner.”
In March 2021, Bakkt unveiled a payments app that enables users to buy items using cryptos. Before then, the exchange offered Bitcoin futures contracts exclusively to its accredited investors.
Mainstream crypto adoption in the US sees massive support from legislators as a new bill demands a safe harbor for various token projects. The new draft bill that was proposed by North Carolina House Representative Patrick McHenry, “Clarity for Digital Tokens Act of 2021,” champions the amendment of the Securities Act of 1933 that enables projects to provide tokens without registering for three years.
This bill was mainly based on an older initiative from the SEC commissioner Hester Peirce in which it said:
“safe harbor could be the most groundbreaking development for the U.S. cryptocurrency market to date.”