VIH - Bakkt SPAC Is a New Way to Invest in Bitcoin -- Here's What You Need to Know
Two of the hottest names in finance lately are bitcoin and special purpose acquisition companies (SPACs). SPACs have replaced much of the traditional initial public offering transactions which is historically how companies have gone public. Intercontinental Exchange (NYSE: ICE) recently tapped this method in order to place a public value on one of its subsidiaries. Here is what you need to know.
Intercontinental Exchange recently announced that it will take its Bakkt subsidiary public via a SPAC transaction. SPACs have been all the rage for taking companies public lately. In this transaction, Intercontinental Exchange will merge Bakkt with VPC Impact Acquisition Holdings (NASDAQ: VIH), a SPAC sponsored by Victory Park Capital.
Intercontinental Exchange is known primarily for its holding in the New York Stock Exchange . The company also owns Euronext, the biggest stock exchange in Europe, along with the Commodity Exchange. Intercontinental Exchange has also been investing heavily in the mortgage space, most recently with its purchase of mortgage software company Ellie Mae. The mortgage arm also owns the Mortgage Electronic Registration System (MERS) which is a centralized electronic repository of servicing and title information.
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Bakkt SPAC Is a New Way to Invest in Bitcoin -- Here's What You Need to Know