2021-10-18 13:00 |
Regulated Bitcoin futures exchange Bakkt is set to go public on the New York Stock Exchange today, just over a year after it first offered physically-settled Bitcoin futures to investors in the US.
Exposure to company exposed to BitcoinBakkt announced it had completed a business combination with VPC Impact Acquisition Holdings, a special purpose acquisition company (“VIH”).
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.
“Today marks a special day for Bakkt. Closing the business combination provides us with the necessary capital to continue to do what we do best, which is innovate,” said Gavin Michael, Chief Executive Officer of Bakkt. “We are thrilled to enter this next chapter, and we look forward to propelling our growth initiatives and advancing our mission of connecting the digital economy.”
The business combination resulted in gross proceeds of approximately $448 million to Bakkt.
The transaction proceeds are expected to be used to finance investments in the company’s platform capabilities and marketing efforts, and accelerating current and future partnerships, which the company expects will significantly accelerate the growth trajectory of the business.
Will investors pile in on Bakkt?Meanwhile, the exchange may not be the most lucrative bet for investors seeking crypto exposure. Bakkt did less than $10 million in futures volume on Friday last week, data from skew showed. Crypto exchanges Binance and OKEx, in contrast, reported volumes of over $25 billion and $7 billion yesterday alone.
Some analysts also state the exchange has missed revenue estimates by several percentages: “In January, Bakkt guided to $900 million FY21 sales. It’s October now, and there’s abundant evidence suggesting they miss by 90%. This becomes clear to everyone at 3Q21 earnings.”
Bakkt ($2B mkt cap $VIH / $BKKT) goes 70-90% lower in coming months. A faceplant, a SPAC-tastrophe
In January, Bakkt guided to $900 million FY21 sales. It's October now, and there's abundant evidence suggesting they miss by 90%. This becomes clear to everyone at 3Q21 earnings. pic.twitter.com/mPuQ6JTG9h
— Fidel Cashflow (@TangoGrenada) October 13, 2021
The post Institutional Bitcoin exchange Bakkt goes public on the NYSE today appeared first on CryptoSlate.
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