BAKKT Holdings’ Formation and $182.5 Million Capital Raise


Shearman & Sterling advised Intercontinental Exchange (ICE) and BAKKT Holdings in connection with BAKKT’s formation and initial equity financing of $182.5 million from an investor syndicate including ICE; Boston Consulting Group; CMT Digital; Eagle Seven; Galaxy Digital; Goldfinch Partners; Alan Howard; Horizons Ventures; Microsoft’s venture arm, M12; Pantera Capital; PayU, the fintech arm of Naspers; and Protocol Ventures.

BAKKT will use the proceeds from the financing to build its cryptocurrency offerings.

BAKKT, LLC develops a blockchain-based platform for consumers and institutions to buy, sell, store, and spend digital assets. The company was founded in 2018 and is headquartered in Atlanta, Georgia.

Shearman & Sterling advised Intercontinental Exchange (ICE) and BAKKT Holdings with a team including J. Matthew Lyons (Picture), Michael Shulman, Jordan Altman, John J. Cannon, Geoffrey Goldman, Reena Agrawal Sahni, Cassandra Cuellar, Jae H. Kim and Eric Grosshandler

Involved fees earner: Reena Agrawal Sahni – Shearman & Sterling; Jordan Altman – Shearman & Sterling; John Cannon – Shearman & Sterling; Cassandra Cuellar – Shearman & Sterling; Geoffrey Goldman – Shearman & Sterling; Eric Grosshandler – Shearman & Sterling; Jae Kim – Shearman & Sterling; Matthew Lyons – Shearman & Sterling; Michael Shulman – Shearman & Sterling;

Law Firms: Shearman & Sterling;

Clients: BAKKT, LLC; Intercontinental Exchange;

Author: Ambrogio Visconti