Bakkt is going public at a valuation north of $2B. Intercontinental Exchange, NYSE's parent company, owns the digital asset exchange.
- Reporters say it is unclear how many users Bakkt has or its revenue. Bakkt projects 9M customers in 2022 with plans to generate $500M in total revenue.
- The exchange claims that would-be users of the exchange will be able to liquidate unused airline miles.
- The valuation "does feel rich," said early Bakkt investor and Galaxy Digital Founder Mike Novogratz.
- Bakkt will go public via SPAC, an incredibly popular way to avoid the traditional IPO process. We dedicated an entire edition to SPACs at the end of 2020.