The Intercontinental Exchange (NYSE:ICE), the owner the New York Stock Exchange and institutional cryptocurrency exchange Bakkt, announced a deal that would see its crypto arm listed on the stock markets.
As reported by the Wall Street Journal, Bakkt is set to merge with VPC Impact Acquisition Holdings, trading under the ticker VIH. VPC is a so-called "special purpose acquisition company," or SPAC. It is a shell company whose only purpose is to buy or merge with another company and allow it to be listed on the stock markets without going through the lengthy and expensive process of an initial public offering.