Bakkt to Become a NYSE-Listed Publicly Traded Company with a $2.1 Billion Valuation
Renamed Bakkt Holdings, the company appointed new CEO Gavin Michael from Citi bank as it prepares to launch its App in March.
Bitcoin trading platform Bakkt is now becoming a publicly-traded company with a value of $2.1 billion and will be listed on the New York State Exchange with renamed Bakkt Holdings.
Launched during the bear market of 2018 by Intercontinental Exchange (ICE), Bakkt investors will roll their equity into the combined company, with ICE contributing an additional $50 million in capital.
This is made possible through its merger with Victor VPC Impact Acquisition Holdings that completed its initial public offering in September 2020. Together, they aim to grow Bakkt’s “market-leading position in digital assets.”
The company also announced a new CEO, Gavin Michael, former head of technology of Citi’s Global Consumer Bank, as it focuses on the rollout of its consumer application. Meanwhile, interim CEO David Clifton will sit on the Board of Directors.
The new Bakkt App, to be rolled out in March 2021, will allow the users to buy, sell, store, and spend digital assets. Michael said,
“The average consumer holds a wealth of digital assets but rarely tracks their value and lacks the tools to manage and utilize them.”
“I’m excited to join the management team of a company, at this important time in its expansion, whose vision is to bring trust and transparency to digital assets through innovation and technology and, through that process, unlock trillions of dollars currently held in customer and loyalty accounts and allow consumers to put them to work.”