Bakkt has posted back-to-back losses and a plummeting share price since listing in October 2021 and the NYSE is threatening to pull it.
Bakkt News
Bakkt is a cryptocurrency-focused institutional investment firm that was spun out of Intercontinental Exchange, or ICE — an operator of large, regulated exchanges such as the New York Stock Exchange.
In September 2019, the firm launched its much-anticipated Bitcoin (BTC) futures trading platform. While the initial launch was underwhelming, with relatively low volume given the hype, Bakkt announced additional products in the following months such as fully regulated BTC options trading, cash-settled futures and a partnership with Starbucks.
Since its announcement, Bakkt has caught the attention of the crypto industry, as it marks a serious effort by the world’s largest exchange to onboard institutional investors into the burgeoning crypto asset class.
The firm also generated buzz in the industry after former CEO Kelly Loeffler became the first Republican woman to represent the state of Georgia in the United States Congress where she is expected to support crypto-friendly regulation.
- 3883
This week’s headlines include Franklin Templeton’s entry into the Ether ETF race, Ripple’s new custody deal, Bakkt’s sale of securities and CoinShares’ Q4 earnings.
8298The crypto custody and trading platform was cleared for a $150 million shelf offering just a week after declaring its ability to continue as a “going concern.”
7184The institutional digital asset trading platform unveiled in 2018 amid huge fanfare has just disclosed it “might not be able to continue as a going concern.”
6645Bakkt is expanding its custody services shortly after its quarterly earnings report showed assets under custody declined 28%.
18059Bakkt reportedly suspended trading of SOL, MATIC and ADA — tokens the U.S. SEC recently deemed securities.
8530Bakkt’s chief product officer, Dan O’Prey, expressed his optimism about the future of Bitcoin and the company’s outlook on regulated markets when he chatted with Cointelegraph at Bitcoin 2023.
4147The delisting included major tokens used in DeFi, with the company saying it was following “up-to-date regulatory guidance.”
8358A turnkey platform that lets fintech businesses offer crypto investing to clients, Apex Crypto has brokered $12.5 billion in crypto trades since its inception.
4711The company said the acquisition is expected to diversify and bolster Bakkt’s revenue as it scales its offerings.
4323The now former president did not reveal what his next move would be, or whether he would continue to work in the cryptocurrency industry.
3807Bakkt’s share price surged by 120% during Monday’s trading session on the heels of fresh partnerships with global payments firms.
8691The price of BKKT contracted by more than 6% during its first day of public trading.
7663Starting Oct. 18, Bakkt’s common stock and warrants will be listed on NYSE under the ticker symbols “BKKT” and “BKKT WS,” respectively.
7851Millions of retailers currently accept Google Pay as a form of payment, potentially giving Bakkt users the ability to pay in crypto at a variety of stores and online markets.
11154