An increasing number of cryptocurrency companies are going public as the market continues to grow and they provide services to more people
Digital asset platform Bakkt Holdings will be listed on the New York Stock Exchange (NYSE) this week following its merger with VPC Impact Acquisition Holdings. The merger was a result of a special purpose acquisition corporation (SPAC).
Intercontinental Exchange (ICE), the company behind the New York Stock Exchange, announced this latest development via a press release earlier today. The press release said, “The combined company now operates as Bakkt Holdings, Inc. and Bakkt’s shares of Class A common stock and warrants will begin trading on the New York Stock Exchange under the ticker symbols “BKKT” and “BKKT WS,” respectively, starting Monday, October 18, 2021.”
Bakkt has become the latest cryptocurrency company to go public, following the likes of Coinbase. The digital asset trading platform first revealed its plans to go public earlier this year. However, it has been working on the deal for the past few months.
ICE revealed that it currently holds 68% of the stocks of the merged company, including a minority voting interest. ICE is one of the leading stock exchange operators in the world, and it has been working on expanding its presence in the cryptocurrency space.
The creation of Bakkt in 2018 was to ensure that ICE has a presence in the cryptocurrency space. However, the platform is yet to challenge the leading platforms, including Binance, Coinbase and others. Bakkt becoming a publicly-listed company indicates a growing trend within the crypto space.
Since Coinbase went public in April, numerous crypto companies have declared an interest in following the same route. Binance CEO Changpeng Zhao said the exchange is planning to go public in three years. Blockchain.com, one of the oldest crypto trading platforms in the world, also said it intends to go public by 2023.
Other crypto companies seeking to list on the stock exchange include Kraken, Circle and a few others.