Effective October 18, Bakkt’s common shares and warrants will be listed on the New York Stock Exchange under the symbols “BKKT” and “BKKT WS”, respectively.
Bakkt’s public listing is the result of a merger with VPC Impact Acquisition Holdings, a Chicago-based special-purpose acquisition company. According to an official statement, a shareholders meeting on the merger had an approval of around 85.1% for the business combination:
"At closing, the Combined Company's Class A common shares and warrants shall commence trading on the New York Stock Exchange ("NYSE") under the symbols "BKKT" and "BKKT WS", respectively."
In addition, the business combination generated gross revenues of approximately $448 million for Bakkt, which is expected to be reinvested in developing the company’s capabilities and partnerships.
Last week, the Bakkt cryptocurrency exchange announced a partnership with Google to enable the purchase of goods and services using Bitcoin (BTC) and other cryptocurrencies through the Google Pay platform. According to Bakkt CEO Gavin Michael, the partnership “demonstrates Bakkt’s strong position in the digital asset market, to enable consumers to enjoy their digital assets in real time, with security and reliability.”
In March, Bakkt launched a payments app that allows users to make purchases using cryptocurrencies, before which the exchange offered BTC futures exclusively to accredited investors.
Related: US Legislator Proposes Safe Haven for Digital Tokens in New Bill
The adoption of cryptocurrencies by the general public in the United States is gaining more support from lawmakers as a new bill requires a safe haven for certain symbolic projects.
A new bill proposed by North Carolina House Representative Patrick McHenry, “Clarity for the Digital Tokens Act of 2021”, suggests amending the 1933 Securities Act that allows projects to offer tokens without registration for up to three years old.
The bill builds on an earlier initiative by SEC Commissioner Hester Peirce, in which she highlighted that “Safe Harbor may be the most revolutionary development for the US cryptocurrency market to date.”
Bakkt Holdings, the digital asset management arm of the Intercontinental Exchange (ICE), has announced that it will soon become a company listed on the New York Stock Exchange starting October 18th.