According to Bloomberg, several rumors are now spreading that Bitcoin custodian firm Bakkt is looking to go officially public via a merger with VPC Impact Acquisition Holdings (VPC), approximately involving over $2 billion. When made official, Bakkt will forego the conventional initial public offering (IPO) in exchange for having the ability to trade directly as a public exchange.
Notably, sources tell Bloomberg that the deal between the two firms is already in advanced stages – predicting that it is only a matter of time now before they publish an official announcement.
As impressive as the $2 billion merger evaluation, it is also worth noting that Bakkt remains in the middle of the pack compared to some of the more-established crypto players we have today, such as Binance and Bybit. Going by the latest analytical report of skew, Bakkt managed to trade Bitcoin futures amounting to more than $93 million yesterday. Although significant, compared to Binance’s $29 billion or the much-lower $12 billion of Bybit, Bakkt does indeed still have a lot of ground to make up if it wants to be a major player within the industry.
Assuming that the reports are true, going public may just be the huge break Bakkt desperately needs to step up to the plate.