Cryptocurrency Exchange Bakkt Falls in First Day of Trading After SPAC Deal

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 merger with special purpose acquisition company (SPAC) VPC Impact Acquisition Holdings.

• Bakkt, based in Alpharetta, Ga., 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” that includes “expanding the access and utility of digital assets.”

• Bakkt announced it would go public through a SPAC deal with VPC in January.