Cryptocurrency Exchange Bakkt Falls in First Day of Trading After SPAC Deal

Cryptocurrency Exchange Bakkt Falls in First Day of Trading After SPAC Deal
Cryptocurrency exchange Bakkt, which is majority-owned by Intercontinental Exchange (ICE), was trading down more than 4% in its first day of trading after completing a SPAC transaction with VPC Impact Acquisition Holdings.Bakkt, based in Alpharetta, Georgia and founded in 2018, began trading Monday under the ticker symbol “BKKT” on the New York Stock Exchange. VPC Impact Acquisition Holdings is affiliated with Victory Park Capital. VPC impact holders approved the deal with Bakkt last week.“Today, Bakkt’s vision – to connect the digital economy – reaches new heights, and we’re excited to continue our momentum as a public company,” said Gavin Michael,…