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Bakkt to go Public through a Merger with Blank-Check Firm

Intercontinental Exchange— owned Bakkt has agreed to go public through a merger with blank-check for VPC Impact Acquisition Holdings.

The deal will give the cryptocurrency platform an enterprise value of $2.1 billion. The deal will provide Bakkt, founded by outgoing Georgia Senator Kelly Loeffler and backed by Microsoft and Boston Consulting Group, with $207 million in cash and $325 million from other investors, including $50 million from ICE.

“The average consumer holds a wealth of digital assets but rarely tracks their value and lacks the tools to manage and utilize them,” Gavin Michael, CEO of Bakkt said in the statement, noting Bakkt’s aim is to “unlock trillions of dollars currently held in customer and loyalty accounts and allow consumers to put them to work.”

The rush to go public comes as the demand for Bitcoin and other digital tokens from retail investors rise as they look for quick gains in a world of ultra-low yields and negative interest rates.

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