VPC Impact Acquisition Stock Jumps After Bloomberg Reports Of Merger With Bakkt

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.

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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.