Cryptocurrency exchange Bakkt, which is majority-owned by Intercontinental Exchange (ICE), was trading down more than 4% in its first day of trading after completing a SPAC transaction with VPC Impact Acquisition Holdings.
Bakkt, based in Alpharetta, Georgia and founded in 2018, began trading Monday under the ticker symbol “BKKT” on the New York Stock Exchange. VPC Impact Acquisition Holdings is affiliated with Victory Park Capital. VPC impact holders approved the deal with Bakkt last week.“Today, Bakkt’s vision – to connect the digital economy – reaches new heights, and we’re excited to continue our momentum as a public company,” said Gavin Michael, CEO of Bakkt said in a statement. “Our platform sits at the intersection of cryptocurrency, rewards, loyalty and payments, and we look forward to accelerating the plan that is already underway: building out a broader partner network, expanding the access and utility of digital assets, and gaining momentum in a space that is continuing to grow.”Bakkt first announced it would go public through a SPAC deal with VPC in January.