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Potter Anderson Serves as Delaware Counsel to ICE in Bakkt Merger With SPAC

January 11, 2021

Potter Anderson acted as Delaware counsel to Intercontinental Exchange, Inc., the parent company of the New York Stock Exchange, in connection with the merger of Bakkt Holdings, LLC and VPC Impact Acquisition Holdings, a special purpose acquisition company sponsored by Victory Park Capital. Bakkt, a cryptocurrency venture, is expected to have a valuation of $2.1 billion after completing the merger in the second quarter of 2021. The transaction will further ICE’s goal of launching a consumer app for trading and making payments with digital assets. It is reported that more than 400,000 people have already preregistered for the app.

Potter Anderson’s team on this deal included partners Michael Tumas, Mike Reilly, Roxanne Houtman, and Mike Maxwell.

News of the deal was reported by the Wall Street Journal and other major business publications.

In 2019, Potter Anderson served as Delaware counsel in connection with ICE’s launch of Bakkt.