Hi, I'm Dan Pramak and welcome to Axios Recap.

Today is Monday, January 11th.

Stocks are down, FBI warnings are up, and we're focused on the marriage of finances'

two hottest trends, Spax and Bitcoin.

Earlier today, a cryptocurrency exchange and wallet company called BACT, that's with 2Ks, announced plans to go public via a SPAC.

That's with 1C.

And those are these blank check acquisition companies that have been buying up and then taking public everything from electric car makers to space tourism companies to providers of health care

payment software. Why it matters is that this deal would make BACT the first ever

publicly traded cryptocurrency company, and a big one too with an initial valuation north of

$2 billion. A few things to know. First, BACT was formed several years ago by ICE, which

is also the parent company of the New York Stock Exchange. The basic idea was to provide a way

for consumers to manage digital assets, including everything from Bitcoin to Starbucks

loyalty points. Two, the company's first CEO was Kelly Leffler, the outgoing Georgia

senator, who also

happens to be married to the CEO of ICE.

Three, backed his going public before its app goes public.

That's scheduled to be in March, with the company claiming to have more than 400,000 people

having already pre-registered for it.

The bottom line here is that the recent Bitcoin boom has been largely driven by Wall Street,

with a few big-name fund managers buying in, which caused others to buy in, and then more

to buy in and so on.

What backed represents is a possible acceleration of that trend, with an IPO of popular

...