Home News Bakkt sheds more than 6% on first day of public trading

Bakkt sheds more than 6% on first day of public trading

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After a tumultuous first day of trading as a publicly traded firm, Bakkt ($BKKT), an institutional and retail-facing digital asset platform established by Intercontinental Exchange, has lost 6.4%.

BKKT opened at $9.45 on the New York Stock Exchange (NYSE) on October 18. And gained 3.3% in the first 30 minutes of trade to $9.77. Traders, on the other hand, swiftly moved to grab gains, leading prices to plummet by -9.5% to $8.84 by midday.

BKKT ended the day at $8.76, down almost 7% from its start, according to Bloomberg.

On October 15, Bakkt went public after merging with VPC Impact Acquisition Holdings, a special purpose acquisition company (SPAC).

Bakkt began as a bitcoin storage service in 2018. Since then, the company has shifted its focus to the development of bitcoin futures contracts for institutions and a retail crypto-asset payments app.

Crypto finserve Bakkt to soon trade publicly on New York Stock Exchange

Coinbase experienced a negative first day as well

Bakkt is not Intercontinental Exchange’s first effort into cryptocurrencies; in January 2015, the business was a key investor in Coinbase’s $75 million Series C investment round.

Coinbase, like Bakkt, had a negative first day of public trading, losing -13.8% from its opening price of $381 throughout the course of the day. During the first quarter of 2021, Intercontinental Exchange sold a $1.2 billion stake in Coinbase.

Bakkt revealed earlier this month that it has collaborated with Google to let customers of its retail app utilise Google Pay to make payments from their digital asset holdings.

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