VPC Impact Acquisition Holdings (NASDAQ: VIH), the stock rose 72.88% to $19.12 in the premarket after the news broke that the company was negotiating a merger with Intercontinental Exchange Inc. (NYSE: ICE) owned cryptocurrency exchange Bakkt.
This merger will generate a value of more than $2 billion for the merged entity. According to people familiar with the matter, an announcement is expected by next week.
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The Bakkt launched its first regulated Bitcoin futures exchange in September. In late October, the company launched an option contract to buy Bitcoin futures that were fully regulated by the New York State Department of Financial Institutions.
How is that Related…
Bloomberg reported that Bakkt raised $300 million last year from ICE and other investors and acquired Bridge2Solutions, a loyalty solutions company.
Formerly the vice president of mergers and acquisitions and integration for ICE, David Clifton is the interim CEO of the cryptocurrency exchange.
Victory Park Capital is tied to VPC, and the company raised $200 million in its initial public offering in September. Its CEO is Josh Martin.
In the last trading session, close VPC shares were in green 2.60% from the session before $11.06. On the same day, the highest price was $11.07, and the lowest was $10.84 at the volume of 61,197.