Shares in Bakkt (NYSE:BKKT), the digital asset marketplace launched by Intercontinental Exchange (NYSE:ICE) in 2018, fell as much as 6.1% in its first day as a publicly traded company. Bakkt (BKKT) took the SPAC route to going public by combining with Victory Park's SPAC VPC Acquisition Holdings (VIH). Bakkt (BKKT) shares fell to as low as $8.78 vs. VIH's previous close of $9.36 but recently traded at ~$9.12, down 2.6%. The company's existing shareholder before the SPAC deal hold 78% of Bakkt (BKKT), while public shareholders own ~8%, VPC owns 2%, and PIPE investors own ~12%. Intercontinental (ICE) was both an existing investor and a PIPE investor. On Oct. 14, VPC Impact Acquisition shareholders approved the combination, setting Oct. 15 for the day the merger would take effect.
