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Blank cheque firm VPC Impact (NASDAQ: VIH) shares are climbing on Friday after a Bloomberg report that they are nearing a merger with crypto exchange Bakkt.

Bloomberg said that according to people with knowledge of the matter, the transaction is set to value the combined entity at more than $2 billion and there could be an announcement next week.

Bakkt was founded in 2018 with its headquarters in the US state of Georgia. The company is majority-owned by Intercontinental Exchange Inc, an American Fortune 500 company that operates global exchanges, clearinghouses, and provides mortgage technology, data and listing services.

Investors in Bakkt include ICE, Microsoft’s M12, PayU, Boston Consulting Group, and Pantera Capital.

VPC Impact is a Special Purpose Acquisition Company (SPAC) led by CEO John Martin. They went public in November 2020, raising around $200 million in the process.

VPC shares are up 65.42% following the news, at $17.22.

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