Following the announcement of Bakkt’s intention to go public a few months ago, the business has confirmed that the event will take place on Monday, October 18. Consequently, Baktt will become the first cryptocurrency-related business whose shares are publicly traded on major stock exchanges to join the ranks of Coinbase.
Bakkt announced its desire to go public earlier this year via a combination with VPC Impact Acquisitions Holdings (ICE). Soon after that, the two factions united. As a result, they cleared the way for ICE’s bitcoin futures platform to list on the US stock market. The business is currently projected to be worth $2.1 billion.
The business issued a press statement earlier this week announcing that all talks had concluded. On Monday, October 18, 2021, the New York Stock Exchange will begin trading Bakkt Class A common stock and Bakkt warrants. They will be known as BKKT and BKKT WS. Gavin Michael, the company’s chief executive officer, stated:
Bakkt has a special day today. Closing a business connection provides us with the capital we need to do what we do best: innovating. We are very excited to begin the next chapter. We are excited to continue driving our growth initiatives and furthering our mission to connect the digital economy.
According to the report, Bakkt earned about $450 million in gross profits from the transaction. The firm intends to utilize the funds to invest in platform capabilities and marketing activities and accelerate the development of existing and new relationships.
Therefore, Bakkt will become a subsidiary of Coinbase, the first cryptocurrency firm to go public. COIN began trading on Nasdaq and was valued at more than $100 billion at the moment.